Indian Market Slips On Profit Taking

（RTTNews） - After a firm start, the Indian market is currently trading weak on Monday, as investors took some profits following last week's rally amid mixed global cues.

Banking stocks like HDFC Bank, ICICI Bank and SBI, software exporters like Wipro, Infosys and TCS, two-wheeler manufacturer Hero Honda Motors and engineering & construction giant Larsen & Toubro are among the major decliners.

On the flip side, aluminum maker Hindalco is up 2.34%, copper producer Sterlite is adding 2.26%, FCMG player Hindustan Unilever is advancing 1.42% and cement maker ACC is up 1.10%. Reliance Infrastructure, Bharti Airtel, Tata Motors, ITC and Tata Power are also posting modest gains.

The 30-share BSE Sensex is now at 20,880, down 125 points or 0.60% and the broader Nifty is declining by 35 points or 0.56%. The BSE mid-cap and small-cap indexes are down 0.80% and 0.58%, respectively.

Power Grid Corporation of India is tumbling 4.41% to Rs.97.50 after the government fixed the price band of its upcoming follow-on public offering at Rs.85-90 per share. State Bank of India is down 0.88% on the buzz that it is buying a second bank in Indonesia. Also, the state-run lender will unveil its quarterly results today.

NTPC is losing 0.41% after it proposed to put an additional 13,000 megawatt capacity on stream by the end of Eleventh Five Year Plan in 2012. Mahindra Satyam is up 1.74% ahead of its half-yearly results announcement due next week.

Pratibha Industries is down 1% despite securing a Rs. 37.44-crore contract from Godavari Marathwada Irrigation Development Corporation, Aurangabad. Polyplex Corporation has received board approval to pay an interim dividend of Rs.6/- per share and issue bonus shares. However, the stock is moving down 2.82%.

Walchandnagar Industries is declining 0.34% after it entered into a pact with Japan's Kawasaki Heavy Industries for the sale and manufacture of Flow Dynamic Conveyor （FDC） in India.

Chartered Logistics is locked at the 5% upper circuit limit after its board recommended a liberal 1:1 bonus issue. Silverline Animation Technologies is climbing 8.43% after it proposed to consider a five-for-one stock split.