The Indian market is moving sideways on Monday, tracking mixed Asian cues amid lingering sovereign debt problems in the euro zone region. However, the broader market is witnessing good buying.
After falling to as low as 15,820 thus far today, the benchmark Sensex has cut all its early loss and is currently at 15,924, up 8 points, while the Nifty is at 4,762, up 0.09%. The BSE mid-cap index is moving up 0.81% and the small-cap index by 1.27%, outperforming the frontline indexes.
The market breadth on the BSE is fairly positive, with 1511 gainers versus 551 decliners. Sector-wise, realty, auto, consumer durable, metal and banking stocks are rising notably, but oil/gas and IT stocks are coming under selling pressure, limiting any further upside.
Among individual stocks, Hero Honda Motors, Jaiprakash Associates, Mahindra & Mahindra, Hindalco Industries and Sterlite Industries are moving by over a percent each.
However, Tata Power is losing 1.67%, ITC is declining 1.01%, NTPC is down 0.61% and TCS is down 0.55%. BHEL, ONGC, HDFC, Wipro, Infosys, Larsen & Toubro, Sun Pharma, Reliance Industries and HDFC Bank are the other prominent decliners.
Jubilant FoodWorks, which raised Rs 329 crore last month by issuing shares at a price of Rs.145 per share, is trading at Rs.195.65 on its debut.
Shree Ashtavinayak Cine Vision is tumbling nearly 4% after a sharp run up in the past few sessions. Kingfisher Airlines is rising 2.90% on reports it has hired a U.S firm to restructure operations.
Tata Steel is up 0.64% after steel sales from its Indian operations rose 9% year-over-year in January. Mahindra Satyam is edging up 0.56% after bagging two multi-million dollar contracts in South America.
Jindal Saw is gaining 0.88% after it signed an equal joint venture with Philippines-based Manila Water Company Inc to jointly develop water supply, waste water management and environmental services-related projects in India.
Inox Leisure is up 0.63% after it offered to buy an additional 20% stake in Fame India at Rs.51 per share. Larsen & Toubro reportedly targets consolidated revenues of Rs 3700 crore this year from its electrical systems business. The stock is moving down 0.36%.
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