It's a somewhat cautious and slightly listless start for stocks on the Indian bourses this morning, despite a positive lead from global markets. Profit taking and caution ahead of release of crucial economic data appear to be contributing to the sluggish trend.
Information technology stocks, which saw some weakness in the previous session, are finding some support this morning. Select FMCG, automobile and power stocks have surged higher, while healthcare, metal and capital goods stocks are trading weak. Oil, realty and bank stocks are trading mixed.
The BSE benchmark Sensex, which declined to 19,977.09 after rising to 20,058.48, is currently up 19 points or 0.1% at 20,009.18. The Nifty index of the National Stock Exchange is up 1.70 points or 0.03% at 6071. Earlier, after advancing to 6084.70, the Nifty had eased to 6063.50.
Among the gainers in the Sensex, HDFC is up 1.6% with strong quarterly results triggering some buying at the counter. Tata Consultancy Services is up 1.2%. Bharti Airtel, Hero Motocorp, Infosys, Tata Motors and Bajaj Auto are up 0.4% - 1%. ITC, NTPC, Hindalco and HDFC Bank are up marginally.
Ranbaxy Laboratories, which declined sharply in the previous session following a substantial drop in quarterly earnings, is down 1.7% at Rs 436 now. Sun Pharmaceutical Industries is down by around 2% at Rs 966.
Jindal Steel & Power, Axis Bank, Coal India, Maruti Suzuki, Sesa Goa, Jaiprakash Associates, Reliance Infrastructure, Larsen & Toubro, GAIL India, IndusInd Bank, Cipla, ICICI Bank, BHEL and Reliance Industries are trading lower by 0.5% - 1.2%.