Amid alternate bouts of buying and selling in blue chip stocks, the market, which pared some gains after a fairly bright start, is back in positive territory after a mild setback it suffered earlier this afternoon.
The mood, despite some optimism about a solution to the Greek debt crisis, remains quite cautious amid lingering worries about the near term outlook for the Indian economy. Movements at a few front line counters are a bit listless due to the expiry of near month derivatives contracts this Thursday.
With a holiday on Wednesday for Guru Nanak Jayanti, investors appear reluctant to build up significant positions. Consumer durables, metal and healthcare stocks are in demand.
, which dropped down to around 18,508 after rising to 18,590.33 in early trade, is now up 54.80 points or 0.3% at 18,561.37. The Nifty
index of the National Stock Exchange is up 12 points or 0.21% at 5638.60.
Information technology, FMCG and capital goods stocks are also finding some notable support. Realty, power, oil and automobile stocks are trading mixed. Bank stocks are mostly subdued.
Sesa Goa, Wipro
, Tata Steel
are up 2% - 2.4%. Hindustan Unilever
, Dr Reddy's
Laboratories, Tata Power
, Bharti Airtel
, Tata Motors
, Larsen & Toubro
are also trading notably higher.
Mahindra & Mahindra is trading lower by over 2%. Ultratech Cement, BHEL
, HDFC Bank
, Ambuja Cements
are down 1% - 1.6%. GAIL India
, Sun Pharmaceutical
Industries an ICICI Bank
are also trading weak.
Jet Airways (up 15% at Rs 578) is trading sharply higher amid huge volumes. The stock hit a high of Rs 598.80 today. On the National Stock Exchange, the Jet Airways counter tops the chart, clocking a turnover of over Rs 526 crore on a volume of more than 9.3 million shares. The stock is up on reports that Abu Dhabi - based Etihad may buy a stake in the company. The stock had spurted nearly 16% in the previous session.
United Spirits (up 3.2% at Rs 9140) has rallied on impressive volumes following a rating upgrade of the stock by Nomura. Pantaloon Retail
(6.3%), Karnataka Bank
(3.5%), Reliance Communications
(5.3%) and Strides Arcolab
(up nearly 10%) have also risen sharply on strong volumes.