The Indian stock market opened on a firm note this morning with investors tracking positive global cues and indulging in some buying in early trades. Short coverning and bargain hunting after recent losses lifted prices of a few front line stocks in opening trades.
However, with investors turning a bit cautious at higher levels, the market has given up some early gains.
The BSE benchmark Sensex, which rose to 19,767.25 in early trades, is currently up 41.59 points or 0.21% at 19,701.41. The Nifty index of the National Stock Exchange is up 21 points or 0.35% at 5977.90, around 10 points off an early high of 5990.90.
After suffering some sharp losses in recent sessions, realty stocks are back in the reckoning this morning. Consumer durables and metal stocks are among the other major gainers.
PSU, power, automobile and healthcare stocks are finding modest support. A few stocks from information technology, capital goods and banking sectors have moved higher. Oil and FMCG stocks are relatively subdued.
Tata Steel is up 1.6% at Rs 401. Maruti Suzuki and Tata Power are up nearly 1.5% at Rs 1625 and Rs 101, respectively. Coal India, Dr Reddy's Laboratories, Bajaj Auto, HDFC and Sterlite Industries are trading higher by 1% - 1.2%.
Hindalco, Jindal Steel & Power, State Bank of India, ONGC, Sun Pharmaceutical Industries, Tata Consultancy Services, Tata Motors, Bharti Airtel and Larsen & Toubro are also up in positive territory.
BHEL, which had some weak outings post announcement of disappointing quarterly results, is up by around 0.5% with investors indulging in some bargain hunting at the counter.
Bank of Baroda (up 2.3%) has rebounded after recent losses. IDFC has also bounced back after recent weakness, gaining a little over 2%. DLF, Sesa Goa, Punjab National Bank, Ultratech Cement, Cairn India and Jaiprakash Associates are up 1% - 1.6%.
Unitech, Sobha Developers, Parsvnath Developers, HDIL, Anant Raj Industries, Prestige Estates and Indiabulls Real Estate are the prominent gainers in the realty space, besides sector heavyweight DLF.
Hindustan Unilever, Siemens, Hero Motocorp, NTPC, Grasim Industries, HDFC Bank, Ranbaxy Laboratories, Cipla and GAIL India are trading weak.
Kingfisher Airlines is down nearly 3% at Rs 11.90. On Tuesday, the company reported a net loss of Rs 755 crore for the third quarter-ended December 31, 2012, as compared to a net loss of 444 crore in the corresponding quarter last year.