Mumbai, September 17: According to the data released by the government a little while ago, inflation has moved into the positive territory for the first time since May 30, as it rose 0.12% in the week ended September 5, 2009. Inflation, which had touched a high of 12.91 for the week ended 2 August 2008, dropped down to a low of -1.74% on August 1, 2009.
Meanwhile, the market, which had surged higher on strong global cues, has given up most of its gains following a strong round of profit taking in several blue chip stocks.
The Sensex, which briefly slipped into the red to 16,674.33 from a high of 16,820.02, is currently up 45.10 points or 0.27% at 16,722.14. The Nifty, which has drifted down to 4962.45 from a high of 5003.05, is up marginally by 4.05 points or 0.08%.
Oil stocks have declined on selling pressure. Metal and PSU stocks have given up most of their gains on profit taking Power, realty and automobile stocks are also off their highs now.
Select information technology and consumer durables stocks are trading higher. Midcap and smallcap stocks have wilted under pressure and shed their gains in the process.
The market breadth has turned marginally negative now. Out of 2701 stocks seen in action on BSE, 1366 stocks are down in the red. 1245 stocks have posted gains and 90 stocks are trading flat.
Reliance Industries has tumbled 4.3% to Rs 2088 due to heavy selling at the counter. Tata Steel, NTPC, Reliance Infrastructure, Hero Honda and ICICI Bank, the other losers in the Sensex, are down by 0.2% – 1% from their previous closing levels.
ACC, Bharti Airtel, Tata Power, Wipro, Grasim Industries, Hindustan Unilever, Hindalco, Infosys Technologies, Reliance Communications and State Bank of India are trading higher by 1.5% – 3.5%.
Jaiprakash Associates, HDFC Bank, Sun Pharmaceuticals, Maruti Suzuki, Larsen & Toubro, ONGC< DLF, Mahindra & Mahindra and Sterlite Industries are also up in the positive territory though most of them are well off their highs now. --Agencies