The Indian market is showing weakness in early trading on Thursday, tracking negative Asian cues and due to profit taking following a sharp rally in the previous session. Traders await a report on inflation for the week ended 24 Oct scheduled to be released around noon.

Currently, the BSE Sensex is trading near the days lows at 15,695, down 217 points or 1.36% and the S&P CNX Nifty is trading at 4,648, down 1.33%.

The BSE mid-cap and the small-cap indexes are showing modest losses and the market breadth on the BSE is fairly negative, with 967 losers versus 864 gainers.

Among the major decliners, DLF is losing 3.37%, ACC is down 2.67%, Hindustan Unilever is declining 2.66%, ITC is down 2.49% and Wipro is down 2.48%.

Larsen & Toubro, Reliance Industries, Maruti Suzuki, Tata Steel, TCS, HDFC, SBI, Reliance Infrastructure, Hero Honda Motors, Infosys, HDFC Bank and Sun Pharma are the other prominent losers.

However, telecom firm Reliance Communication is up over 3% and Bharti Airtel is rising 2.19%. Capital goods manufacturer BHEL is also showing a modest 0.38% gain.

Kingfisher Airlines is rising 2.80% after it resolved a long-pending dispute over jet fuel dues with Bharat Petroleum through an out-of-court settlement. Rashtriya Chemicals and Fertilizers is surging up 8% on reports it is foraying into cement distribution.

Tata Motors said it started distributing its Prima World range of trucks and plans to introduce the commercial vehicles in more countries in the coming months. The stock is down 1.26%.

IL&FS is up 4.33% on reports it is scouting for overseas acquisitions. Maytas Infra is locked in the 5% upper circuit limit after it bagged a contract worth Rs.790 crore from IL&FS Transportation Networks.

Reliance Industries is losing 2.28%, while Anil Ambani-controlled RNRL is up 2.42% after one of the judges hearing the Ambanis gas dispute withdrew from the hearing, citing potential conflict of interest. Cairn India is up 0.66% after it agreed to supply crude to Reliance Industries.

Larsen & Toubro is down 2.64% amid reports its technology arm L&T Infotech is in advanced talks to acquire a majority shareholding in Patni Computer Systems (PSL). PSL, meanwhile, is up nearly 4%.