The market, which opened on a weak note amid mixed global cues, continues to languish in negative territory with several key stocks from automobile, power, capital goods, metal and banking sectors trading weak on selling pressure.
Realty stocks, which found modest support early on in the session, are drifting lower now. Pharmaceuticals, information technology and FMCG stocks are off their highs. Select oil stocks are trading firm. Activity remains stock specific in midcap and smallcap segments.
At 17,540, nearly 40 points off the day's low of 17,503.57, the Sensex is now down 20.87 points or 0.12% from its previous closing mark. The Nifty, which had drifted down to 5303.75, is down 11.95 points or 0.22% at 5311 at present.
In the currency market, the rupee drifted down against the daoll, easing to 55.43 in early trades. On Thursday, the partially convertible Indian currency had settled at 55.27 against the greenback, recording a gain of 15 paise, thanks to strong dollar inflows.
Tata Motors and Hero Motocorp are trading lower by around 2.4% at Rs 233.60 and Rs 1912, respectively. Bajaj Auto is down 1.3% at Rs 1669 and Mahindra & Mahindra is trading 1.2% down at Rs 735, while Maruti Suzuki is up in positive territory with a gain of 1.2% at Rs 1158.50.
Tata Power is trading lower by 1.6%. Coal India, BHEL, Jindal Steel, Tata Steel, HDFC, HDFC Bank, Larsen & Toubro, Dr Reddy's Laboratories and Wipro are down 0.5% - 1.2%.
Bharti Airtel and Tata Consultancy Services are up more than a percent at Rs 260 and Rs 1271.50, respectively. Sterlite Industries, Reliance Industries, ITC, Cipla and Hindustan Unilever are up with modest gains.
State Bank of India is up marginally at Rs 1976 amid cautious trades ahead of announcement of results. Meanwhile, UBS has downgraded the stock's rating ahead of results, stating that it is quite high priced at present.
GMR Infrastructure, Mphasis, ABB, JP Infratech, Power Finance Corporation, Ranbaxy Laboratories, Engineers India, IDFC, IFCI, Reliance Capital, SAIL and Reliance Infrastructure are down with sharp losses.
Jain Irrigation Systems is up by over 6.5% on strong buying support. Indraprastha Gas has gained a little over 5.5%. Tech Mahindra is trading nearly 3% up thanks to impressive results.
Petronet LNG, Pipavav Defence, Idea Cellular, Aurobindo Pharma, Wockhardt, Zee Entertainment, Suzlon Energy, Apollo Tyres, MMTC, Shree Cement and Oracle Financial Services are also trading notably higher.
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