Thanks to sustained buying in several blue chip stocks, the market, which opened on a firm note this morning, continues to trade in positive territory.
The Sensex is up 58.60 points or 0.3% at 19,406.72, more than 50 points off the day's high of 19,463.25. The Nifty which has eased to 5901.05 from the day's high of 5917.80, is up with a gain of 11.80 points or 0.2%.
Metal, realty, capital goods, automobile and FMCG stocks are trading firm. Select PSU, oil and bank stocks too have posted notable gains. Consumer durables, power and healthcare stocks are mixed, while information technology stocks are trading weak amid fears Cognizant Technology Solutions Corp. may issue a lower earnings growth guidance for fiscal 2013.
Among metal stocks, Tata Steel is up 2% at Rs 397.30. According to reports, the company has entered into a collaboration with SMS Mevac, a technology firm, to design new production facility for high-purity vacuum induction melted steel in Stocksbridge, Yorkshire.
Sterlite Industries is trading higher by a little over 4%, Sesa Goa is up 3.6%, Hindalco is up with a gain of 3.3%, JSW Steel is up 2.4% and SAIL has moved up by a little over 1%. Bhushan Steel and NMDC are up with modest gains, while Jindal Steel & Power and Coal India are trading flat.
Among the stocks in the Realty index, DLF, Phoenix Mills, Sobha Developers, Unitech and Oberoi Realty are up 1.5% - 4%. Godrej Properties and Parsvanath Developers are up with modest gains, while Prestige Estates and HDIL are up marginally.
Among capital goods stocks, Bharat Earth Movers is up as much as 8.7%, Punj Lloyd is up nearly 4% and AIA Engineering Crompton Greaves and Praj Indsutries are up by about 2%. Alstom T&D, Havells India, Suzlon Energy and Jindal Saw are also trading notably higher.
Tata Motors, Punjab National Bank, State Bank of India, Bank of Baroda, Axis Bank, IDFC, Reliance Infrastructure, Larsen & Toubro, Reliance Industries, BPCL, Hero Motocorp, Asian Paints, ITC, ACC, Grasim Industries, Ambuja Cements and Siemens are all trading in positve territory with smart gains.
Tata Power is trading lower by 2.7%. Wipro, Infosys and HCL Technologies are down 1.5% - 2%. Tata Consultancy Services, Bajaj Auto, Bharti Airtel, HDFC, ICICI Bank, Mahindra & Mahindra and Jaiprakash Associates are also trading weak.
United Spirits and Jet Airways have moved up sharply on strong volumes. While United Spirits has gained about 2.5%, Jet Airways is trading 2.7% up.
According to a survey, India's services sector grew at its weakest pace in over a year during November due to slowing orders, revealing the struggle to refind momentum. The HSBC services Purchasing Managers' Index, based on a survey of around 400 companies, fell to 52.1 in November from October's 53.8, to register a 13-month low.