The Indian market is subdued with little change on Friday, weighed by continued selling by foreign funds and negative Asian cues ahead of the year-end.

With auto, oil/gas and banking stocks leading the declines, the 30-share Sensex is currently posting a modest 0.1% loss, while the 50-share Nifty is down 0.15%. However, second-line stocks are finding some support. In the broader market, gaining shares are outpacing declining ones by 1464 to 832 shares on the BSE.

Among heavyweights, Tata Motors (down 1.47%), ICICI Bank (down 1.06%), BHEL (down 0.86%), Hero Honda Motors (down 0.83%), Mahindra & Mahindra (down 0.77%) and HDFC (down 0.63%) are the top losers.

Tata Steel is rising 0.62% after global miner Rio Tinto made a new A$3.9 billion bid to take over Australia's Riversdale Mining , in which the Indian steel maker has a 24.2% stake.

Aurobindo Pharma is unchanged after it fixed February 11 as the record date for a stock split. India Infoline is rallying 3% on receiving board approval for a share buyback at a price not exceeding Rs.99 per share.

A2Z Maintenance & Engineering Services is climbing nearly 4% after its disappointing debut in the previous session. Rasoya Proteins is gaining 1.18% on forming a subsidiary company in Sharjah. KNR Constructions is up a percent on establishing a wholly-owned subsidiary in Ras Al Khaimah, UAE.

Indian Hotels is advancing 0.96% after it received board approval to allot shares and warrants to Tata Sons on a preferential basis. Godfrey Phillips India (up 0.75%) and ITC (up 0.45%) are firm on reports that they have resumed cigarette production after getting clarification from the government on the kind of pictorial warnings to be carried on tobacco products.

State-run oil marketing companies such as BPCL, HPCL and IOC are down over 2% each, as crude oil prices surged to their highest level in two years.


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