With several front line stocks drifting lower on selling pressure, the market has slipped a bit deeper into the red around noon.The mood is quite cautious amid mixed global cues. Activity is mostly stock specific. Investors are looking ahead to some key economic data from across the globe. Also, the markets are keenly awaiting the outcome of election results in five states, including Uttar Pradesh.The Sensex is down 140.13 points or 0.48% at 28,859.43, after having declined to 28,815.48 earlier. The Nifty50 of the National Stock Exchange, which declined to 8891.95, is now down 37.70 points or 0.49% at 8903.20.Tata Steel, Adani Ports, Axis Bank and ONGC are down 1.6% – 2.3%. Infosys, Tata Motors, GAIL India, ICICI Bank, Mahindra & Mahindra, Maruti Suzuki, Hero Motocorp, Bajaj Auto, Reliance Industries, State Bank of India, Wipro, Asian Paints and Hindustan Unilever are down 0.5% – 1.2%.Hindalco is declining by about 2.7%. Tech Mahindra, BPCL, Idea Cellular, BHEL, HCL Technologies, Bank of Baroda, Tata Motors DVR and Tata Power are down 1% – 2.3%.Kotak Bank, Yes Bank, IndusInd Bank, ACC, Power Grid Corporation, Eicher Motors, Bosch, UltraTech Cement and Bharti Airtel are modestly higher. Shares of MTNL Limited are up sharply on reports about a likely merger of MTNL with BSNL. SPML Infrastructure is trading more than 8% up following and announcement from the company that it has secured new orders worth Rs 250 crore for power transmissions and distribution projects.Retailers stocks are off the day’s highs. These stocks opened on a firm note, ahad of Avenue Supermarts Limited’s IPO. Shares of Future Retail are up 1%, while Shoppers Stop and V-Mart Retail are trading lower by about 0.5% after having moved higher earlier in the session.
July 26, 2024
