Sensex down 9 pts, ICICI Bank falls sharply

The market is moving with steady losses after a volatile opening. The Sensex is now down nine points at 6,359 following weakness in banking, select pharma and other old economy counters, although select heavyweights have registered steady gains. The Nifty, too, has come off its lows on select buying, but is still weak at 1,982 - down two points.

ICICI Bank has tumbled 2.65% (Rs 10) to Rs 380. While HDFC Bank has lost 1.32% (Rs 7) to Rs 529, SBI is up Rs 3 at Rs 643.

Ranbaxy has dropped 1.90% (Rs 20) to Rs 1,043. Other pharma counters, however, are trading with marginal gains.

ITC is down a per cent (Rs 9) at Rs 1,267. While ONGC has added 1.28% (Rs 11) to Rs 844, HLL is up a notch at Rs 132. Reliance is marginally up at Rs 549.

Infosys and Wipro are subdued at Rs 2,164 and Rs 641, respectively. Bharti has declined 1.84% (Rs 4) to Rs 202.

HDFC has gained 2% (Rs 14) to Rs 703, and Tata Power is up 1.50% (Rs 5) at Rs 345.

Select pharma stocks have firmed up. Sterlite Biotech has shot up 8.36% (Rs 7) to Rs 94, while Strides Acrolas has moved up 5.12% (Rs 10) to Rs 197 on reports of the company signing an agreemnt with the US company. Panaeca Biotech has gained nearly 5% to Rs 114, and Elder Pharma is up 3.19% (Rs 6) at Rs 181. Suven Life, Neuland Lab, Shasun Chemicals, Morepen Lab and FDC are up in a range of 2-3%.

Consumer Goods stocks, however, have lost ground. While Gammon has shed 5% (Rs 12) to Rs 227, ABB has declined 2.26% (Rs 26) to Rs 1,107. Dredging Corp, Crompton Greaves and KEC are down nearly 2% each at Rs 480, Rs 409 and Rs 179, respectively.