Sensex pares gains after opening notably higher

Last Updated: Thu, Jan 03, 2013 04:26 hrs

The Indian stock market opened on a firm note this morning, amid strong global cues, but gave up most of its early gains soon thereafter, with investors choosing to take some profits after recent sharp gains.

Metal, information technology, oil and capital goods stocks are trading higher. Healthcare, power and consumer durables stocks are mixed after a fairly good start. Automobile and bank stocks are off their early highs, while FMCG stocks are quite subdued in opening trades.

The BSE benchmark Sensex, which rose to 19,786.30 in early trades, is currently at 19,731.60, up 17.36 points or 0.1% from its previous close. The Nifty index of the National Stock Exchange is up 5.70 points or 0.1% at 5998.95, off an early high of 6017.

Dr Reddy's Laboratories, Tata Steel, ONGC, GAIL India, Coal India, Wipro, Infosys, Tata Consultancy Services, Bajaj Auto, NTPC, Jindal Steel & Power and Sterlite Industries are up 0.5% - 1.3%.

Larsen & Toubro, Tata Motors, Hindalco, BHEL, Hero Motocorp and Reliance Industries are up with modest gains.

Cairn India, IDFC, Asian Paints, Ambuja Cements, Ranbaxy Laboratories, HCL Technologies, Axis Bank, ACC and Sesa Goa are up in positive territory with modest gains.

Meanwhile, ITC, HDFC Bank, Maruti Suzuki, ICICI Bank, Punjab National Bank, Bank of Baroda, Lupin, State Bank of India and Tata Power are down in negative territory, losing 0.3% - 0.7%.

Power Finance Corporation is up 0.7% at Rs 208.75. On Wednesday, the company announced that four special purpose vehicles have been incorporated as wholly owned subsidiaries by PFC Consulting for the development of transmission systems in the country.

Jet Airways is up nearly 6% at Rs 612 on strong volumes. The stock tops the chart on the National Stock Exchange, clocking a turnover of over Rs 12 crore, on a volume of around 65,000 shares. The stock is up on the back of reports that Etihad Airlines, the Abu-Dhabi-based company is close to buying a 24% stake in Jet Airways.

Tata Coffee, which ended with a hefty gain on Wednesday, is trading higher again amid huge volumes. The stock is currently up 3% at Rs 1655.65. PC Jeweller, Indiabulls Financial Services and Gitanjali Gems are also up sharply on strong volumes.

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