After a positive start and a subsequent fall into the red, the Indian stock market is trading flat around mid morning amid cautious moves by investors. Though global cues are positive, investors appear a bit wary of building up positions ahead of release of key economic data and the quarterly results from Infosys, due on Friday.
Bank, consumer durables, information technology and healthcare stocks are attracting buyers. Realty and capital goods stocks have retreated after a firm start. Oil, power, automobile and FMCG stocks are mostly flat, while metal stocks trade weak amid concerns about economic slowdown in China.
Consumer durables stocks Bajaj Electricals, Titan Industries, VIP Industries and Whirlpool are up 1% - 4%. Blue Star, Videocon Industries and Rajesh Exports are up with modest gains, while Gitanjali Gems, PC Jeweller and TTK Prestige are down in negative territory with sharp losses.
Bank of India, IndusInd Bank, Kotak Bank, Punjab National Bank and State Bank of India are among the prominent gainers in the banking space. ICICI Bank and Axis Bank are up by around half a percent. Canara Bank and HDFC Bank are down marginally.
IT heavyweights Infosys, Tata Consultancy Services, Wipro and HCL Technologies have shed most of their early gains, and are currently trading 0.3% - 1% up from their previous closing levels. MindTree, Hexaware Technologies, Mphasis and Tech Mahindra are also up in positive territory.
Educomp Solutions jumped nearly 8% on reports the company is approaching corporate debt restructuring forum to restructure its rupee debt.
Shares of Ramco Systems vaulted 10% following reports the company has bagged a deal to deploy its enterprise resource and planning solution at Vassallo Industries in Puerto Rico. The IT firm said it is in process of coming out with a rights issue to meet its capital requirements and has undertaken steps towards the same. Further, the company denied that a prominent IT major is likely to takeover Ramco.
In the currency market, the rupee rose to 60.01 against the U.S. dollar, gaining 13 paise in the process. On Tuesday, the rupee had ended at 60.14 a dollar, recording a gain of 47 paise.