Market update: Sensex sheds early gains; down 17 points

Frontline Indian indexes opened higher today, but have shed all their gains and have slipped into the red. Other Asian markets are firm in early afternoon trading.

Sensex opened at 14130 and saw a low of 14031. The index is trading lower by 17 points at 14061 at 11.10 AM IST.

Nifty opened at 4169 and corrected to a low of 4138. The index is now trading lower by 2 points at 4149.

Reliance Industries has slipped well over 1.5 per cent after yesterday's 4 per cent rally. IPCL has lost over a per cent.

Technology stocks are under pressure today. HCL Tech and Satyam have lost nearly 1.5 per cent each while Wipro is down over a per cent. Infosys is trading over 0.5 per cent lower.

Tata Power has corrected nearly a per cent after the recent rally.

Sun Pharma, VSNL and Suzlon are the other major losers among Nifty stocks.

SBI is the best performer among Nifty stocks with gains of 2.5 per cent.

The government decision to change excise duty on cement to an ad valorem rate has helped cement stocks. ACC has added nearly 2 per cent and Grasim is trading almost 1.5 per cent higher.

Among metals, Sterlite has gained well over 1.5 per cent and Tata Steel is trading over a per cent higher.

Cipla has gained close to 2 per cent and Dr. Reddy's has added over a per cent.

HLL is trading 1.5 per cent higher and Colgate is up more than 6 per cent.

HPCL and Gail India have gained close to 1.5 per cent each.

Mid-caps and small caps are firm despite the decline in large caps. The NSE mid-cap index is now trading with gains of 0.45 per cent. BSE mid-cap index has gained over 0.35 per cent and the BSE small-cap index is trading 0.1 per cent higher.

IndiaBulls Financial has surged nearly 8 per cent in early trading

Entertainment stocks continue to see strong buying interest. Cinevistas is locked in 20 per cent upper circuit while Inox Leisure has added 8.5 per cent.

Goldstone Technologies, Ennore Foundries, TCI Finance, GMDC and Crest Animation are the other major gainers among mid-caps and small caps.

UFlex is locked in the 10 per cent down circuit today as well.

TV 18 is under pressure and has lost nearly 5 per cent.

Uniphos, Teledata, Heritage Foods, Kamat Hotel, Aro Granites, Atlanta and Surana Industries are the other major losers among mid-caps and small-caps.

Thomas White Global Research, part of the Thomas White International Group, publishes capital market research for global institutions and investment banks.

*Disclaimer: Thomas White International may have recommended some of the stocks specifically mentioned in this report to our clients. Lord Asset Management Trust, our mutual fund management associate, and our asset management division may also have positions in some of the stocks specifically mentioned in this report. As a policy, employees of Thomas White International are not allowed to invest or trade in common stocks and common stock derivatives. This report is only for the purpose of information and is not an investment advice. Readers are advised to consult a certified financial advisor before taking any investment decisions. While efforts have been made to ensure the accuracy of the information provided in the content, the author or publisher shall not be held responsible for any loss caused to any person whatsoever.