The market, which drifted lower after a slightly positive start, continues to languish in negative territory around early afternoon, as selling continues at several counters.
Investors, largely tracking quarterly earnings reports and other corporate news for direction, are by and large cautious with their moves as they look ahead to the data on industrial production and consumer price inflation, both due later in the day.
The Sensex is down 91.60 points or 0.31% at 30,159.35. The Nifty50 of the National Stock Exchange is down 40 points or 0.43% at 9382.40.
Asian Paints (down 2.8%) continues to trade weak,weighed by lower than expected earnings in the fourth quarter. Axis Bank is down by about 1.7%, GAIL India is declining 1.6%, HDFC and Dr Reddy's Laboratories are lower by about 1.1% and ICICI Bank is down nearly 1%.
Hero Motocorp is up more than 2%, extending previous session's gains. Infosys is up 2% on strong buying interest. Cipla, Tata Motors, ONGC, Coal India, State Bank of India, Larsen & Toubro, Bajaj Auto and Sun Pharmaceutical Industries are up 0.5% - 1.2%.
Tech Mahindra, Bank of baroda, Kotak Mahindra Bank and HCL Technologies are also gaining 0.5% - 1.2%.
Zee Entertainment Enterprises is down 2.8% on profit taking after recent strong upmove. Yes Bank is lower by about 2.6%. Indiabulls Housing Finance, Bharti Infratel, ACC and Ambuja Cements are down 1% - 2%.
Glenmark Pharmaceuticals is down more than 14% on heavy selling after the company's net profit in the fourth quarter dropped more than 60% sequentially.
Reliance Infrastructure is up more than 3.5% on strong volumes. The stock is up after the company's subsidiary Delhi Airport Metro Express (DAMEPL) won a Rs 2950 crore arbitration award against Delhi Metro Rail Corporation (DMRC) for the alleged breach by the latter of the agreement on the Airport Express line.
DAMEPL has been awarded a compensation of Rs 2950 crore. The figure will raise to Rs 4725 crore if the interest of Rs 1775 crore is included. The compensation covers damages as a result of the alleged breach by DMRC of its obligations under the Concession Agreement and Material Adverse Effect.
