Negative bias prevails

Benchmark share indices continue to trade in negative terrain weighed by weakness in Oil & Gas and Banking shares.

By 1300 hrs, the Sensex was down 33 points at 17,224 and the 50-share Nifty declined 13 points at 5,228.

The rupee today lost 25 paise to 55.72 against the dollar in early trade at the Interbank Foreign Exchange market as the American currency gained strength against other currencies overseas.

On the global front, Asian shares eased on Thursday as investors turned increasingly cautious as hopes of stimulus action by central banks thinned ahead of a European Central Bank's meeting later in the day and after the US Federal Reserve took no action a day earlier.

Back home, BSE Oil & Gas, Bankex, PSU, Metal, Auto and IT indices have plunged between 0.1-1%. However, sectors like Power, Capital Goods, Consumer Durable, FMCG and Healthcare have gained between 0.1-0.5%.

From the Oil & Gas space, ONGC and index heavyweight Reliance Inds have declined between 1-2%.

Tata Motors is the top Sensex loser, down nearly 2%. Tata Motors yesterday reported a 15% increase in total sales at 74,159 units in July this year. The company's domestic sales of commercial and passenger vehicles for the month grew by 18% to 68,627 units against 57,990 units in July last year.

Banking and financial shares like SBI, HDFC and HDFC Bank have plunged between 1-2%.

Other notable losers include Sterlite, Tata Power, CIL, Cipla, M&M, Tata Steel and Infosys.

On the gaining side, NTPC is the top Sensex gainer, up over 3%. Other gainers are JSPL, Bharti Airtel, L&T, DRL, BHEL, TCS and ITC.

Among individual shares, Cummins India has soared 8% to Rs 472 after reporting a better-than-expected net profit at Rs 181 crore for the quarter ended June 2012, on back of higher sales and other income. Analyst, on an average expected net profit of Rs 150 crore for the quarter. The company had a net profit of Rs 177 crore in year ago quarter.

NIIT Technologies is trading weaker by nearly 5% at Rs 283.80 on the back of huge volumes.

In the broader market, the mid-cap and small-cap indices have gained marginally.