Cautious trend prevailing

The market continues to display a cautious trend after reporting hectic activity in the early trades.

The Sensex has shed most of its gains from its early highs following weakness in pharma and auto counters, and paring of gains in cement, banking and select heavyweights. It is now up 12 points at 6,379. The Nifty also has come off its early higs, and is now up four points at 2,002.

Reliance has added 1.72% (Rs 9) to Rs 535. ITC (up Rs 9 to Rs 1,286) is trading with steady gains. HLL is still marginally up at Rs 142.

ONGC has advanced 1.94% (Rs 15) to Rs 800.

SBI at Rs 610 (up Rs 5) and HDFC Bank at Rs 488 (up Rs 3) are largely unchanged from their earlier gains. ICICI Bank is up a rupee at Rs 355.

Gujarat Ambuja (up Rs 7 or 1.62% to Rs 423) and ACC (up Rs 3 to Rs 346) have trimmed their gains on profit-taking. Grasim, however, is trading lower by Rs 5 at Rs 1,291.

Infosys (down Rs 23 or 1.13% to Rs 2,020) is still languishing in negative territory. While Satyam is still up 1.25% (Rs 5) at Rs 383, Wipro has clocked a per cent gain (Rs 6) to Rs 695.

Ranbaxy is down a per cent (Rs 7) at Rs 1,200. Dr. Reddy's and Cipla are trading with marginal losses at Rs 798 and Rs 292, respectively.

Bharti has witnessed further selling, and the counter has slumped 3.41% (Rs 7) to Rs 204. While HDFC has shed 2% (Rs 15) to Rs 723, Reliance Energy has declined 1.88% (Rs 10) to Rs 535. Zee has lost nearly 3% (Rs 4) to Rs 164.

L&T, however, is holding firm with a gain of 2% (Rs 19) at Rs 958. Tisco is up a per cent (Rs 3) at Rs 358.