Amid alternate bouts of buying and selling in front line stocks, the Indian stock market is trading modestly higher this morning. Though the undertone is positive, buying interest is somewhat subdued with investors looking forward to the Reserve Bank of India's monetary policy review, due on Tuesday.
The Sensex is up 23 points or 0.12% at 20.104.32, while the Nifty index of the National Stock Exchange is up 5.05 points or 0.08% at 6079.70.
Rate sensitive realty and automobile stocks are trading higher on hopes of a rate cut announcement from the cental bank. Select bank stocks are also trading notably higher.
Information technology stocks are finding fairly good support. Select healthcare and capital goods stocks have moved up. FMCG, metal and power stocks are mostly trading flat, while oil stocks a weak.
Among automobile stocks, Maruti Suzuki is up 1.8% on strong results. Hero Motocorp and Tata Motors are up 1.8% and 1.4%, respectively, while Mahindra & Mahindra is up 2%. Bajaj Auto is trading 0.8% up.
Ashok Leyland is down 0.6% at Rs 24.85. According to reports, the company is planning to offload stake in some of its subsidiaries and also in IndusInd Bank Ltd, hoping to garner about Rs 500 crore. The firm will use proceeds of the sale to pay off part of its Rs 3,500-crore debt.
Among the stocks in the Realty index, Anant Raj Industries, DLF, Phoenix Mills and Prestige Estates are up 1.7% - 3.5%. Godrej Properties, Indiabulls Real Estate, Parsvnath Developers, Sobha Developers and Unitech are also trading notably higher.
Among the stocks in the Bankex, heavyweights State Bank of India, HDFC Bank and ICICI Bank are up with modest gains. Bank of India and Yes Bank are up 3% and 2.3%, e respectively. Axis Bank, IDBI Bank, Punjab National Bank and Union Bank of India are also trading in positive territory.
Among IT stocks, heavyweights Tata Consultancy Services (0.6%), Wipro (1.3%), Infosys (0.5%) and HCL Technologies (3%) are trading firm. Hexaware Technologies has gained 3.6% and Mahindra Satyam is trading higher by 2.2%. Financial Technologies and Tech Mahindra are also trading firm.
Cairn India is up 2.3%. Ranbaxy Laboratories, GAIL India, Cipla, Bajaj Auto, Lupin and ACC are also trading higher.
BPCL, Reliance Infrastructure, Reliance Industries, Sun Pharmaceutical Industries, Hindustan Unilever, Ultratech Cement, ONGC, NTPC, Asian Paints and Hindalco are all down in negative territory, losing 0.4% - 1.4%.
HDIL is down nearly 2% on huge volumes. On the National Stock Exchange, over 14.3 million shares have been traded so far at the HDIL counter this morning.
Jet Airways has gained 2.2% at Rs 625 on strong volumes, on reports the company will sell a 24% stake to Etihad Airways.
Suzlon Energy has gained nearly 3% on impressive volumes following an announcement from the company that the group has bagged 22 MW repeat order from Sri Kumarswamy Mineral Exports Private Limited.
Glenmark Pharmaceuticals rose sharply this morning following an announcement from the company that its step down US subsidiary, Glenmark Generics Inc., has secured final approval from the United States Food and Drug Administration for Mupirocin Calcium Cream.
In the currency market, the rupee eased to 53.92 against the U.S. dollar, losing 24 paise. On Thursday, the rupee had ended flat at 53.68 against the greenback.