With several blue chip stocks holding on to most of their morning gains, the market remains fairly high up in positive territory this afternoon. Shares from information technology and realty sectors are among the most impressive gainers today.
Consumer durables, bank, FmcG, oil and PSU stocks too are mostly up in positive territory with notable gains. Capital goods stocks are edging up as well. select power and metal stocks are trading firm, while healthcare and automobile stocks are subdued.
The decision to defer implementation of the controversial Genaral Anti-Avoidance Rules by two years appears to be aiding sentiment to a significant extent this afternoon.
At 19,826, off the day's high of 19,864.86, the Sensex is now up with a gain of 162.36 points or 0.84%. The Nifty is up 48.65 points or 0.8% at 5999.95.
Infosys, up 3% at Rs 2793, is the top gainer in the Sensex. Tata Consultancy Services, ONGC and Jindal Steel & Power are trading higher by around 2.5%. ICICI Bank, ITC, Larsen & Toubro, Tata Steel, Bharti Airtel and NTPC are up 1% - 1.8%.
Dr Reddy's Laboratories, Hindalco, HDFC, GAIL India, BHEL, State Bank of India and Hero Motocorp are also trading firm.
Apart from Infosys and Tata Consultancy Services, HCL Technologies (3.7%), Mahindra Satyam (2%), Financial Technologies (1.5%) and Tech Mahindra (1%) are the notable gainers in the BSE IT index.
Realty stock DLF is up 5.8% at Rs 243.50. HDIL is trading 3.2% up and Indiabulls Real Estate is trading nearly 3% up. Oberoi Realty, Sobha Developers, Anant Raj Industries, Unitech and Prestige Estates are up 2.3% - 3%.
JSW Steel Limited (up 1.6% at Rs 844) has reported 8% growth in crude steel production at 2.09 million tonnes for the third quarter ended December 31, 2012 compared to 1.93 million tonnes in the corresponding quarter last year. The production of flat rolled products rose 13% to 1.56 million tonnes, while the production of long rolled products increased 31% to 483,000 tonnes during the quarter, the company said in a filing to the stock exchanges. The company achieved crude steel production of 6.40 million tonnes in the first nine months of the fiscal showing a growth of 20% over the same period last year.
JP Power Ventures shares are trading lower by nearly 5% on weak results. The company has reported a net loss of Rs 98 crore for the third quarter ended December 2012, against profit of Rs 60 crore in the same quarter previous year due to lower water availability and problems at Bina plant. The results are not comparable yoy because the company has started commercial operations of its first unit of 250 MW at the ended of August 2012, it added.
Muthoot Finance shot up to Rs 231.40 today, following the company reporting a 7.65% year-on-year jump in net profit at Rs 270 crore for the third quarter ended December 31, 2012. Total income increased by 11% to Rs 1,365 crore as compared with Rs 1,231 crore in the year-ago period, the company announced. The stock is currently trading at Rs 227, up 4.8% from its previous closing price.
Crompton Greaves has signed agreement to acquire compact fluorescent lamp business of Karma Industries based in Baddi, Himachal Pradesh. After this acquisition, Crompton Greave's capacity will double in the CFL segment. The stock is up 2.9% at Rs 119,60 at present.