SIFYSensex remains in the red; Tata Steel declines @ 14:11 hrs

The market continues to languish in the negative territory with several stocks from metal, oil, banking, FMCG and power sectors still reeling under sustained selling pressure. Automobile, consumer durables and select information technology and pharma stocks have posted notable gains.Also on equity
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With no significant triggers to trigger buying and global markets too exhibiting weakness, investors are seen booking profits today. Though select stocks are finding reasonably good support, the broad market continues to remain sluggish.

The Sensex, which dropped down to 17,027.52 earlier this afternoon, has recovered to 17,117.69 but is still down in the red with a loss of 62.49 points or 0.36%. The Nifty is down 0.37% or 18.70 points at 5084.85, more than 30 points off the day's low of 5053.50.

The market breadth, which was quite positive in morning trade, is slightly negative at present. Out of 2714 stocks traded on BSE now, 1275 stocks are up with gains. 1328 stocks have declined and 111 stocks are trading flat.

Tata Steel, which has declined by over 2%, is the biggest loser in the Sensex at present. Reliance Infrastructure, ITC, Sterlite Industries, ACC, HDFC, ONGC, Grasim Industries and ICICI Bank are trading lower by 1% - 2%.

Gujarat Minerals has lost 4.7% at Rs 128.60. Exide Industries is down by over 3.5%. Kotak Bank, Moser Baer, Jubilant Organosys, IDFC, Jai Corp, BEML, Jindal Steel, Essar Oil and Oriental Bank of Commerce are trading lower by 2% - 2.75%.

Mahindra & Mahindra (3.3%), Maruti Suzuki (2.7%), Hero Honda (1.7%), Tata Motors (1.7%), Bharti Airtel (2.3%) and Reliance Communications (1%) are trading firm.

Larsen & Toubro, Infosys Technologies, DLF, Wipro and Tata Consultancy Services are up with modest gains. State Bank of India, which had dropped down to around Rs 2301 earlier in the day, has recovered to rs 2321.50 and is up marginally over its previous closing price.

Balrampur Chini has gained 5.6% to Rs 133. Max India and Videocon Industries are trading higher by 5.4% and 5.25% respectively. Bajaj Holdings, Canara Bank, Bharat Forge, Godrej Industries, Piramal Healthcare, Madras Cements, Tata Communications, Syndicate Bank, Thermax, Sterling Biotech, Hindustan Copper, Bharat Electronics and United Phosphorus are also trading with notable gains.

Sourcesify.com