Indian stock market july 14 july 2011, Infosys is down

Indian stock market july 14 july 2011 : The Indian market is subdued in early trading on Thursday in the wake of Wednesday's bomb blasts in Mumbai. Besides, most Asian stocks are edging lower this morning after Moody's threatened to cut the United States' triple-A debt rating for the government's failure to raise its debt ceiling. Investors are also worried about the negative fallout from the euro zone debt crisis.

Reliance Industries is down 0.6 percent after the energy giant reportedly denied that it was in talks to buy a stake in unlisted mobile phone operator Aircel. TCS is declining 0.6 percent and Bajaj Auto is posting a modest 0.3 percent loss ahead of their quarterly results today.

Infosys is down 1.7 percent, Mahindra & Mahindra is declining 1.5 percent, ONGC is losing 1.3 percent and Tata Power is moving down 1.1 percent. Reliance Communication, NTPC, BHEL, Larsen & Toubro and HDFC are the other prominent decliners in the Sensex pack.

The benchmark 30-share Sensex is currently trading near the day's low at 18,472, down 124 points or 0.66 percent, while the broader Nifty index is falling by 37 points or 0.67 percent to 5,548. The BSE mid-cap and small-cap indexes are down around 0.2 percent each and the market breadth remains fairly negative, with declining shares outpacing gaining ones by 931 to 715 shares on the BSE.

NIIT Technologies is tumbling more than 4 percent after the IT firm announced a strategic partnership with U.S.-based media company Morris Communications to strengthen its foothold in the media sector.

Compact Disc India is down 5.7 percent after it decided not to proceed with the delisting process of the company amid the ongoing legal dispute with HSBC Bank. SKS Microfinance is tumbling 10 percent on profit taking, extending declines for a second consecutive day, following recent sharp gains. Sundaram Finance is rising 1.6 percent after it proposed to raise up to Rs.2,000 crore this year via a debt issue. Shipping Corporation of India is up 0.2 percent after it took delivery of a Supramax Bulk carrier. Sun Pharma Advanced Research Company is adding 0.7 percent ahead of a board meet today to consider a rights issue.

Pantaloon Retail is gaining half a percent and Shoppers Stop is up 0.3 percent ahead of a meeting of a committee of secretaries next week to consider finalizing the amount of foreign direct investment in the multi-brand retail sector.

Bajaj Finserv is climbing 4.1 percent after its quarterly consolidated net profit for the period ended June almost doubled to Rs.129 crore from Rs.66 crore a year ago. Bajaj Finance is rallying 3.5 percent after it received board approval to issue 60 lakh warrants on a preferential basis to its promoter, Bajaj Finserv.

Oriental Bank of Commerce is rising modestly while IDBI Bank is losing a percent after they raised their deposit rates by up to 50 basis points across select maturities. State-run SAIL is losing 0.8 percent after Union Steel Minister Beni Prasad Verma pulled up the company for delaying its capacity expansion program.

The benchmark indexes Sensex and the Nifty rose about a percent each on Wednesday, snapping three days of losses, as investors bought battered bluechip stocks amid firm global cues.