Mumbai: The Nifty was moving a narrow range of 5580-5600 since morning trade due to lack of major news globally as well as locally. Even European markets were flat in an early trade. The BSE benchmark declined 33 points to 18,395.46 and the NSE benchmark fell 17 points to 5,590.10.
Brent crude was trading near to $ 122 a barrel. It seems, however, that the market is not so much worried about rising crude oil prices.
Among technology stocks, Infosys gained 1.6 per cent and TCS rose 2.3 per cent; Wipro climbed just 0.5 per cent. Index heavyweights Reliance and ONGC were up 0.4 per cent & 1.8 per cent, respectively.
In the capital goods space, BHEL surged over 2 per cent while L&T moved up just 0.7 per cent.
Sterlite Industries, a Vedanta Group company, topped the selling list, falling over 5 per cent after on Tuesday's reports that the Sesa Goa may be merged with the company as a part of restructuring. In the metal space, Jindal Steel, Tata Steel and Hindalco were down 0.7-2.5 per cent.
Meanwhile, shares of country's major lenders SBI and ICICI Bank tumbled 4.6 per cent and 1.3 per cent, respectively. Investors are more worried about asset quality of SBI post reports that the bank is likely to provide loan to debt laden Kingfisher Airlines for running its operations.
Index heavyweight Bharti Airtel fell nearly 2 per cent and realty major DLF tanked 3.5 per cent.
Stocks in news
Corporate Affairs Ministry says cement companies cartelisation case is under review. Ambuja Cements and ACC were down 1-1.5 per cent.
Jubilant Life Sciences rose 3.5 per cent as its arm received 4 orders worth $ 90 million
Rohit Ferro Tech gained 2.5 per cent as the company alloted 2 crore shares to promoters on preferential basis at Rs 60/share.
BPCL jumped 3 per cent after Shell made offer to buy Cove Energy at $ 1.5 billion. Cove Energy has 8.5 per cent stake in Mozambique block, wherein BPCL holds 10 per cent stake that now valued at Rs 248/share.
At 12:13 hours IST: Sensex moderately lower; oil & gas, IT support
The market continued to trade moderately lower due to fall in SBI and ICICI Bank. Index heavyweights, however, Reliance, Infosys, ONGC and TCS were helping the market to stay near the 5600 level.
The BSE benchmark was down 39.44 points to 18,389.17 and the NSE benchmark slipped 20.20 points to 5,586.95.
Shares of SBI, India's largest lender, fell 4 per cent on asset quality concerns after reports that the bank is lending some money to Kingfisher Airlines (KFA) for operational expenses. I-T authorities had earlier frozen the airline's bank accounts. SBI had already restructured loans worth Rs 1,500 crore (given to one company - that accounts for as much as one fifth of fresh slippages in last quarter) in the third quarter of FY12 to maintain its asset quality.
ICICI Bank dropped nearly 2 per cent. Among metals stocks, Sterlite Industries fell 3.5 per cent for the second consecutive session on Wednesday. JSPL and Tata Steel were down 1.5-2.5 per cent.
Shares of country's largest realty firm DLF tanked 4 per cent. Among others, L&T and Bharti Airtel fell 1-1.5 per cent.
However, major largecaps like Reliance, TCS, Infosys, ITC, HDFC Bank, BHEL and ONGC gained 0.7-1.9 per cent. Sun Pharma and Hero Motocorp were up 1.6 per cent.
Stocks in news
Tata Communications gained nearly 5 per cent as the company is going to announce the biggest partnership to date tomorrow.
IOB allots 17.1 crore and 3.09 crore equity shares to GoI and LIC, respectively at Rs 97.80/sh via preferential issue. The stock fell 1.5 per cent.
Taj GVK gained 1.5 per cent as the company is looking to raise Rs 70-75 cr via equity placement, reports CNBC-TV18 quoting sources.
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