The Sensex and the Nifty are up 0.03 percent. Technical indicators suggest the market is in an over-bought state and is likely to fall on any negative development on the insurance and pension bills which the government is expected to push through during the current session of parliament.
Cairn India (CAIL.NS) shares are down 1.5 percent after Goldman Sachs downgraded the stock to 'neutral' from 'buy', citing expectations of flat to declining earnings growth. The investment bank has also removed the stock from its Asia Pacific buy list.
Leading the fall are cigarette maker ITC Ltd (ITC.NS), down 0.7 percent and HDFC Bank Ltd (HDBK.NS), down 1 percent.
Wipro Ltd (WIPR.NS) gains 2.5 percent on acquisition, order win report.
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