The markets, after having started out firm, lost their strength in late-morning trades. The BSE Sensex is at 16,915, down 43 points and the S&P CNX Nifty is at 5,084, down 16 points.
Earlier in the day, the BSE benckmark index touched the day's high at 17,084 and the day's low at 16,906.
Among the sectoral indices, BSE Bankex and IT indices continue to lead, up nearly 1% each. ICICI Bank, Canara Bank, Yes Bank,Union Bank of India and SBI, up 1-2% each, are the top gainers among the financials.
HCL Techologies, Teck Mahindra, TCS, MphasiS and Infosys, up 1-2% each, are leading among the IT stocks.
BSE Metal and Healthcare indices, down 1% each, are the major losers.
BSE Auto index is at 8,837, down 1%. Tata Motors, Maruti Suzuki, Bharat Forge and Mahindra & Mahindra, down 1-2% each, are the prominent losers among the Auto stocks. The strike by workers at Maruti Suzuki India's Manesar plant entered its seventh day today, with no sign of an end despite the Haryana government declaring it illegal yesterday.
On the Sensex, ICICI Bank, SBI, TCS, BHEL and Infosys, up 1-2% each, are the prominent gainers while Jindal Steel, Hindalco Industries, Tata Motors, Bharti Airtel and Coal India, down 2-3% each, are the prominent losers from the pack. Coal India has declined after the coal ministry is said to have agreed to the power ministry’s demand to divert a part of the coal currently being sold through e-auction to the power sector.
Among individual stocks, Jet Airways is trading higher by 2% at Rs 244 after the company signed a memorandum of understanding (MoU) with Vietnam Airlines for strategic cooperation covering commercial services, technical and training areas.
JSW Steel is trading higher by 1% at Rs 612, extending its Wednesday’s 3% rally after the company said it has entered into a joint venture (JV) with Tokyo-based Marubeni-Itochu Steel Inc (MISI) to set up a steel processing centre in north India with an investment of Rs 122 crore. The location of the proposed plant was not disclosed.
Meanwhile, shares of Vijay Mallya-led UB Group such as United Breweries, Kingfisher Airlines, United Breweries Holdings and McDowell Holdings are trading higher by more than 2% each after UB Group sold a stake of 42.5% in its Formula 1 team – Force India – to Subroto Roy-led Sahara Group. The team would henceforth be known as Sahara Force India.
The overall market breadth is positive as 1,202 stocks have advanced against 1,064 declining ones, on the Bombay Stock Exchange.