Key share indices have closed the trading session on a subdued note led by weakness among index heavyweights, financials and capital goods shares.
The Bombay Stock Exchange’s 30-share Sensex provisionally closed at 18,835 down 67 points. The National Stock Exchange’s 50-share S&P CNX Nifty provisionally closed at 5,736 down 24.
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Updated at 14:25
Key share indices maintain the subdued activity led by weakness among index heavyweight Reliance Inds and financial shares. However, the downside has been capped led by buying among Auto and FMCG shares.
By 1425 hrs, the Sensex was down 65 points at 18,837 and the 50-share Nifty was down 27 points at 5,733.
On the global front, the Nikkei stock average fell 1.5% to a three-week closing low on Thursday, as worse-than-expected domestic machinery orders figures increased concerns that Japan's economy was slipping into recession and as strength in the yen weighed on exporters.
The yen has gained on worries that the U.S. 'fiscal cliff', a mix of mandated tax increases and spending cuts due to extract some $600 billion from the U.S. economy in the new year, could push the United States and possibly the global economy into recession.
European markets are trading marginally higher. CAC, DAX and FTSE are up 0.2-03%.
Back home, BSE Capital Goods, Power and IT indices are down 1% each. However, BSE Auto and Realty indices are up almost 1% each.
Index heavyweight Reliance Industries, the company with second-highest weightage on Sensex fell nearly 1%. The central information commission (CIC), the apex body under the Right to Information (RTI) Act, 2005 has directed the Securities and Exchange Board of India (Sebi) to share the details of several entities that were involved in the Reliance Petroleum Insider trading case in 2007. The commission also directed the market regulator to give the details of file notings on the consent order.
Capital Goods major L&T has declined by over 2%.
Tata Power was down over 2%. According to reports, delay in commissioning of gas pipelines passing through Odisha seems to have poured cold water over Tata Power's plan to set up a gas-based power plant in the state.
Software major like Infosys has slipped by over 1%.
Banking and financial majors like ICICI Bank, HDFC and HDFC Bank have plunged by nearly 1% each.
On the gaining side, Tata Motors is the top Sensex gainer, up 5% on hopes of better second half (October-March) of the current fiscal on back of strong product plans.
“The company will launch six new models in the passenger car segment and 25 models in the commercial vehicle (CV) space in the second half in order to bring back momentum in its domestic sales, which have been hit by increasing competition and slow economic growth,” the reports suggests quoting Karl Slym, managing director, Tata Motors.
Bharti Airtel has gained by over 1%. The Cabinet today approved levy of about Rs 31,000 crore as one-time fee on spectrum held by incumbent telecom firms such as Bharti Airtel and Vodafone in an attempt to create level playing field between old and new operators.
Finance Minister P Chidambaram said the Cabinet has approved the recommendation of an Empowered Group of Ministers that GSM-based telecom operators be asked to pay for airwaves they hold beyond 4.4 Mega-Hertz at an auction-determined price, while CDMA carriers pay for holdings beyond 2.5 MHz, for the remaining validity of their permits.
Sun Pharmaceutical Industries is trading higher by 2% at Rs 712 in otherwise subdued market ahead of September quarter earnings later today.
Among other shares, L&T Finance Holdings (LTFH) has rallied 7% to Rs 63.70 on back of heavy volumes.
Shares of Vijay Mallya promoted UB Group companies mainly United Spirits Limited (USL) and United Breweries (Holdings) have rallied up to 7% on TV channel reports that top officials of USL are expected to meet Diageo today to continue discussing a potential stake sale.
OnMobile Global has dipped 5% to Rs 40 on the National Stock Exchange after reporting a sharp 87% year-on-year (yoy) fall in its consolidated net profit at Rs 6.22 crore in the September 2012 quarter.
The market breadth in BSE remains weak with 1,453 declining and 1,248 shares advancing.
