Sensex up 122 pts as buying gains momentum

Last Updated: Fri, Jan 25, 2013 08:15 hrs

The market, which pared some gains in late morning trades, has edged higher again thans to some strong buying automobile, realty, pharmaceuticals and bank stocks. Key stocks from power, capital goods and FMCG sectors are also trading firm.

Information technology, metal and oil stocks are trading mixed. Midcap and smallcap stocks, which took a severe beating in the previous session, have rebounded today on renewed buying interest.

At 20045.34, the Sensex is now up 121.56 points or 0.61% from its previous closing mark. The Nifty index of the National Stock Exchange is up 32.50 points or 0.54% at 6051.85.

Tata Motors is up 2.5% on sustained buying at the counter. Mahindra & Mahindra is up nearly 2% at Rs 895 and Cipla is trading 1.5% up at Rs 397. State Bank of India, ICICI Bank, Sun Pharmaceutical Industries, GAIL India, Bharti Airtel and Larsen & Toubro are also trading notably higher.

Bank of Baroda, the top gainer in the Nifty index, is up more than 4%. Jaiprakash Associates is up with a gain of 3.5%. Reliance Infrastructure is up 2.8% and Punjab National Bank is trading 2.5% up, while Kotak Bank, HCL Technologies and Lupin are trading higher by 1.7% - 2%.

Sesa Goa is up 0.8% at Rs 180. The company has reported a 28.2% decline in consolidated net profit at Rs 496 crore for the quarter ended Dec. 31, 2012 as compared with a net profit of Rs 691 crore for the corresponding quarter last year.

Oriental Bank of Commerce is up nearly 5% at Rs 331. The bank has posted a net profit of Rs 326.40 crore for the quarter ended December 31, 2012 as compared to Rs 354.22 crore for the quarter ended December 31, 2011.

Total income increased from Rs 4491.76 crore for the quarter ended December 31, 2011 to Rs 4846.54 crore for the quarter ended December 31, 2012.

Cement stocks ACC (down 2.3%), Ultratech Cement (down 1.6%) and Ambuja Cements (down nearly a percent) are trading weak. Grasim Industries is down with a loss of around 0.3%.

Cairn India, Reliance Industries, Tata Power, HDFC, Coal India, Hero Motocorp, Tata Steel and DLF are also trading weak.

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