Sensex pares gains after bright start

Last Updated: Mon, Jan 07, 2013 04:25 hrs

The Indian stock market opened notably higher this morning with investors indulging in some brisk buying in oil, automobile, healthcare and PSU stocks. A few stocks from metal and power sectors too moved up smartly in opening trades.

However, with a section of investors treading cautiously at higher levels and taking some profits, the market has pared some gains subsequently. Capital goods, information technology and bank stocks are a bit subdued. Realty and FMCG stocks are trading mixed.

The BSE benchmark Sensex is up 13.33 points or 0.08% at 19,797.41, nearly 60 points down from an early high of 19,856.43.

The Nifty index of the National Stock Exchange, which rose to 6042.15 at the start, is currently at 6019, up 2.85 points or 0.05% from its previous closing mark.

Maruti Suzuki is up more than 2.5% with fairly good December sales data aiding sentiment. Mahindra & Mahindra and Hero Motocorp are up 1.2% and 1%, respectively, while Tata motros is trading 0.7% up. Bajaj Auto, however, is trading weak.

ONGC, Wipro, GAIL India, Cipla, Sun Pharmaceutical Industries, Hindalco, Reliance Industries, ITC, Sterlite Industries, Bharti Airtel, Tata Steel and State Bank of India are also trading notably higher.

BPCL is up nearly 2%. Cairn India is trading 1.8% up. IDFC, Jaiprakash Associates, Reliance Infrastructure and Bank of Baroda are also trading firm.

Punjab National Bank is up more than 0.5% at Rs 914. The bank had announced after trading hours on Friday that it has received all regulatory approvals including CCI for acquiring 30% stake in Metlife India Insurance Co. On closing of the transaction, the company will be rebranded as PNB Metlife India, PNB said in a statement.

Power Grid Corporation of India announced on Friday that the company's board of directors accorded investment approval for 'Common Transmission Scheme associated with ISGS Projects in Nagapattinam/Cuddalore area of Tamil Nadu- Part-A1 (a)' project at an estimated cost of Rs 182.80 crore. The stock is down 0.4% at Rs 114 at present.

HDFC, Ultratech Cement, Larsen & Toubro, Hindustan Unilever, DLF, Tata Consultancy Services, ICICI Bank, HDFC Bank, Siemens, Grasim Industries and ACC are down 03% - 1%.

Karnataka Bank (2.2%), Tata Coffee (3%) and PC Jeweller (2.6%) have risen sharply on impressive volumes this morning.

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