After a setback that saw the key indices Sensex and Nifty briefly slip into the negative zone a little past noon, the market has edged higher this afternoon with select blue chips from banking, information technology, capital goods and healthcare sectors finding good support.
A few stocks from metal and realty sectors too are trading firm. Automobile stocks, which retreated after a positive start, are mostly subdued now. Power, oil and consumer durables stocks are also struggling to make a headway into positive territory.
The Sensex, which declined to 18,456.20, dropping down by nearly 90 points from the day's high, is currently up 50.60 points or 0.27% at 18,510.98. At 5623.70, off the day's low of 5608, the Nifty is up 8.90 points or 0.16% from its previous close.
State Bank of India has rallied to Rs 2105, gaining 2.2% in the process. Wipro and Infosys are trading higher by 1.3% and 1.2% at Rs 372 and Rs 2378, respectively. Larsen & Toubro and HDFC Bank are up nearly a percent.
Mahindra & Mahindra, ITC, NTPC, Sterlite Industries, Tata Steel, Maruti Suzuki and HDFC are up with modest gains.
Tata Motors, BHEL, Cipla, Tata Consultancy Services, Tata Power and Reliance Industries are down with sharp to moderate losses.
Hindustan Copper is up 13% on huge volumes following the announcement of a stake sale by the government. Shree Cement is trading nearly 6% up and IPCA Laboratories is up with a gain of 5.5%.
Strides Arcolab, Glenmark Pharmaceuticals, MMTC, Nalco, Bajaj Finserv, Apollo Tyres, Cadila Healthcare, Biocon, JSW Steel and Axis Bank are up 2% - 5%.
Max India, Pantaloon Retail, Jet Air India, United Breweries, Financial Technologies, Opto Circuits, Torrent Pharma, Dabur India, Muthoot Finance and Ultratech Cement are trading notably lower.