Sensex, Nifty Falter After Positive Start; Tata Technologies Makes Strong Debut

(RTTNews) - After opening on a positive note, Indian shares retreated Thursday morning, failing to find support at higher levels. The mood remains cautious with investors awaiting key inflation data from the U.S. for more clarity about the outlook for interest rates.

Pharmaceuticals shares are among the prominent gainers. Shares from most of the other sectors are largely subdued.

The BSE benchmark Sensex, which dropped to 66,610.35 after climbing to 67,020.11 in early trades, was down 167.50 points or 0.25% at 66,734.41 a little while ago.

The broader Nifty50 index of the National Stock Exchange was down 29.25 points or 0.15% at 20,067.35. The index retreated to 20,015.85 after rising to 20,136.15 in early trades.

Tata Motors is down by about 1.6%. ICICI Bank, HDFC Bank, IndusInd Bank, Asian Paints, Reliance Industries and Tata Consultancy Services are down 0.4 to 1%.

ULtraTech Cement is gaining 1.65%. Mahindra & Mahindra, Sun Pharmaceuticals and Wipro are up 1 to 1.3%. Titan, JSW Steel, Bharti Airtel, Axis Bank and Hind Unilever are advancing 0.5 to 0.8%.

Hero Motocorp, up 3.2%, is the top gainer in the Nifty index. Eicher Motors is gaining 2.7% and SBI Life is rising 2.5%.

Apollo Hospitals Enterprises, Divi's Laboratories, HDFC Life and BPCL are climbing 1.5 to 1.7%.

Tata Technologies Limited shares are up, making a strong debut. The stock opened at Rs 1,200, a hefty premium to the issue price of Rs 500. After rising to Rs 1,400, the stock is currently traded at 1,309.00.

Gandhar Oil Refinery (India) Limited opened on an upbeat note as well, vaulting to Rs 344.05 on NSE. The stock is currently at Rs 307.00, up sharply from the issue price of Rs 169.

However, it was a weak start Fedbank Financial Services Limited. The stock opened slightly below the issue price of Rs 140, and after dropping to Rs 133, it has recovered to Rs 145, recording a modest gain.

The market breadth is neutral. On BSE, 1,741 stocks are up in positive territory, and 1,756 stocks are weak, while 176 stocks are little changed from their previous closing levels.

On the economic front, data on India's GDP for the second-quarter is due later today. A Reuters poll says the economy likely grew at 6.8% in the July-September quarter, compared to a year ago. The Reserve Bank of India has projected a 6.5% growth for the quarter.