the Indian market is trading lower amid mixed global cues. While stocks on Wall Street ended modestly higher overnight, the rest of the Asian markets are showing a subdued trend.
After opening lower at 9,559, the BSE Sensex is showing a range bound movement, as investors await inflation data and the industrial production report for January scheduled to be released this afternoon. The index is now at 9,518, down 101 points or 1.05% and the S&P CNX Nifty is trading at 2,907, down 0.62%.
On the BSE, the market breadth is fairly positive led by second-line stocks. Totally, 859 stocks are advancing, while 545 stocks are showing a declining trend. The small-cap index is adding 0.63% and the mid-cap index is up 0.85%, while the broad-based BSE 500 index is declining 0.39%.
IT, telecom, oil/gas and metal stocks are the major drags, while realty, consumer durable and power stocks are gaining on expectations of sector-specific sops in the forthcoming interim budget.
Infosys (down 2.35%), Sterlite Industries (down 1.99%), Maruti Suzuki (down 1.64%), Ranbaxy (down 1.51%) and ICICI Bank (down 1.30%) are the major decliners.
ONGC, Grasim Industries, Bharti Airtel, Reliance Industries, BHEL, ACC, Wipro, Larsen & Toubro and Tata Steel are also showing notable declines.
However, DLF, Reliance Infrastructure, Mahindra & Mahindra, Tata Motors, Hindalco Industries, NTPC and Reliance Communication are trading in positive territory.
IT stocks are trading weak despite reports that the government could extend tax concessions given to technology parks and export-oriented units beyond March 2010.
After rising sharply on Wednesday, Kingfisher Airlines is giving off 0.95%, JetAirways is losing 2.27% and SpiceJet is tumbling 4.43% On Wednesday, the Civil Aviation Minister Praful Patel warned the carriers against acting like a cartel to jack up tariffs.
Deccan Chronicle is rising 2.19% after the government eased customs duty on newsprint. Shoppers Stop is surging up 4.84% after the government revised foreign direct investment norms
DLF is rising nearly 2% despite reports that the company has stopped work at two of its biggest mid-income housing projects. Indian Hotels is down 0.12% on reports that the company may sell its Colaba-based corporate office, Oxford House
ONGC is down 1.79% on reports that its profits could fall by around 30% in 2009-10 due to lower price of crude oil. Reliance Communication (RCOM) is up 0.09% on reports that Reliance Infratel, the tower company of RCOM could offload a 5% stake.
