After opening on a bright note on some brisk bargain hunting, the Indian stock market has retreated this morning, with investors turning cautious amid worries about near term economic outlook.
The BSE benchmark Sensex, which rose fairly sharply on the back of some strong buying in metal, bank and capital goods stocks in early trades, gave up most of its gains subsequently.
Even as metal and oil stocks are fairly steady, stocks from healthcare and automobile sectors are drifting lower. Bank stocks have shed most of their gains, with a few even slipping into negative territory.
Information technology, capital goods, FMCG and power stocks are mostly flat. A few stocks in the realty sector are trading higher.
The BSE benchmark Sensex, which spurted to 19,833.14 in early trades, declined to 19,762.40 subsequently and is currently up 44.60 points or 0.24% at 19,718.93. The Nifty index of the National Stock Exchange is up 7.35 points or 0.12% at 5974.40. Earlier, after rising to 6015, the Nifty had eased to 5966.10.
Tata Steel is up nearly 6% at Rs 317.50. On Thursday, Tata Steel reported a consolidated net loss of Rs 6529 crore for the quarter ended March 2013, as compared to a net profit of Rs 433 crore for the corresponding quarter last year.
Tata Steel's consolidated earnings before interest, taxation, depreciation and amortization rose 27.75% to Rs 4368 crore in the March 2013 quarter, from the year ago period.
Jindal Steel & Power, Coal India, Sterlite Industries, ONGC, Reliance Industries, Dr Reddy's Laboratories, Larsen & Toubro, HDFC, ICICI Bank, Hindalco and NTPC are up 0.3% - 1%. Bharti Airtel and Tata Consultancy Services are up marginally.
Nifty stocks Cairn India, Lupin, Reliance Infrastructure, BPCL, HCL Technologies, Power Grid Corporation and Jaiprakash Associates are up 0.5% - 1.5%.
Sun Pharmaceutical Industries is down nearly 3%. BHEL is trading 2.5% down. Maruti Suzuki, Bank of Baroda, Tata Motors, Hero Motocorp and Axis Bank are down 1% - 1.6%.
State Bank of India, which declined sharply on Thursday on disappointing results, is trading lower by about 0.8% at present. Ambuja Cements, Ultratech Cement, GAIL India, IDFC, Mahindra & Mahindra and Ranbaxy Laboratories are also trading weak.