Sensex sheds some gains after upbeat start

Last Updated: Tue, Nov 20, 2012 04:40 hrs

Stocks opened on a firm note on the Indian bourses this morning as investors indulged in some hectic buying at the start, tracking strong global cues.

The U.S. markets ended on a high note overnight amid expectations the U.S. government would come out with some strong measures to fix the fiscal cliff. Markets across the European region too closed with impressive gains overnight amid slightly easing worries about the economy.

With Asian markets too following suit, the mood on the Indian bourses was quite bullish at the start. Though the market has retreated a bit after a firm opening, the indices still remain fairly well placed in positive territory now.

FMCG, automobile, realty and metal stocks opened on a bright note, and are still mostly holding on in positive territory despite paring some early gains. Capital goods and power stocks have shed some early gains.

Information technology, oil and healthcare stocks are a bit subdued. Bank stocks are off their earlier highs. Midcap and smallcap stocks are finding good support.

The BSE benchmark Sensex, which spurted to 18,467.91 in early trades, gaining nearly 130 points, is currently up 78.65 points or 0.44% at 18,417.65. The Nifty index of the National Stock Exchange is up 24 points or 0.43% at 5595.40.

Housing finance stock HDFC is the top gainer in the Sensex. The stock is up 2.3% at Rs 782 at present. Tata Motors is up 1.5%, while GAIL India, Tata Steel, ITC and Tata Consultancy Services are trading higher by around 1%.

Tata Power, Mahindra & Mahindra, BHEL, Larsen & Toubro, Dr Reddy's Laboratories, HDFC Bank, Jindal Steel & Power and State Bank of India are also trading notably higher.

IDFC, which declined sharply in the previous session, is back in positive territory. At Rs 157, the stock is up 1.5% from its previous closing price. Sesa Goa, DLF, Asian Paints, Reliance Infrastructure, Kotak Bank and Power Grid Corporation are up 0.6% - 1%.

Sun Pharmaceutical Industries, Infosys, Cairn India, Punjab National Bank, BPCL, Grasim Industries, Cipla and Ultratech Cement are trading weak.

United Spirits (2%) and Reliance Capital (2.6%) have moved up sharply on strong volumes. L&T Finance Holdings, which ended with a big loss in the previous session, has gained around 0.5% at Rs 75.80. The L&T Finance Holdings counter on NSE has clocked a volume of nearly 7.5 million shares this morning.

More from Sify: