(RTTNews) - The Indian market is trading lower in early trading on Wednesday, weighed down by weak global cues on account of disappointing economic data from Germany and Japan, fresh concerns about Dubai's debt crisis as well as overseas credit risks.
However, after falling to as low as 17,111, the BSE Sensex has cut its early loss significantly. Currently, the benchmark is at 17,176, down 51 points or 0.29% and the S&P CNX Nifty is at 5,132, down 0.31%.
The BSE mid-cap index is trading flat, while the small-cap index is rising 0.45%. Sector-wise, metal, banking and FMCG stocks are leading the decliners.
Sterlite Industries (down 2.07%), Tata Steel (down 1.93%), Hindalco Industries (down 1.64%), HDFC (down 1.40%), Reliance Infrastructure (down 1.17%), Tata Power (down 1.03%), ITC (down 0.77%), HDFC Bank (down 0.76%) and Reliance Industries (down 0.62%) are among the prominent losers.
However, TCS, Hero Honda Motors, Wipro and Maruti Suzuki are up around a percent each. Larsen & Toubro, Sun Pharma, ACC, Mahindra & Mahindra, Tata Motors, ONGC, DLF and BHEL are also trading in positive territory.
Reliance Media World is jumping over 7% after it partnered with BBC World Service for providing entertainment updates across 33 of its network's stations on its radio BIG 92.7 FM. Assam Company is up nearly 5% after it bought back foreign currency convertible bonds worth $6.7 million.
Core Projects & Technologies is showing a modest loss after its board allotted one crore convertible warrants to the promoter group at an exercise price of Rs.185 per warrant. Suryachakra Power Corporation is locked at the 5% upper circuit limit after its board approved a proposal for business restructuring.
HCL Technologies is rising 2.19% on signing a five-year multi-million deal with U.K-based media conglomerate News Corp. Jaiprakash Associates is down 0.20% after it fixed December 18th as the record date for a 1:2 bonus issue.
Gammon India is losing 0.73% despite bagging a Rs.510-crore project. Suzlon Energy is up 1.24% on bagging a 31.5-MW order from Rajasthan State Mines & Minerals.
State-run oil marketing companies such as HPCL and IOC are trading firm as crude oil prices slipped below $73 a barrel on Tuesday.
