After a firm start and a subsequent fall from higher levels, the market has rebounded and trading modestly higher this morning with investors indulging in some selective buying, amid expectations of some positive measures from the forthcoming Union Budget.
At 19,357.01, the Sensex is now up 40 points or 0.21% from its previous close. The Nifty index of the National Stock Exchange is up 10 points or 0.17% at 5860.30.
Information technology stocks are among the top gainers. Automobile, power and bank stocks are also edging higher. Healthcare, metal, capital goods and FMCG stocks are turning in a mixed performance, while oil and realty stocks are trading weak.
Infosys is trading stronger by 2.7% at Rs 2912. The stock is up following an announcement from the company about the launch of a state-of-the-art Central Processing Center for the Income Tax Department for efficient administration and processing of tax deducted at source.
Wipro is up 1.6% at Rs 422 and Tata Consultancy Services
is up with a gain of 1.2% at Rs 1471. Among other stocks in the IT space, Mphasis is trading 3% up at Rs 378. CMC
, HCL Technologies
, Hexaware Technologies
, MindTree, Tech Mahindra
, Educomp Solutions
and Oracle Financial Services
are also trading notably higher.
Tata Motors is trading nearly 2.5% up at Rs 300. Maruti Suzuki
is up nearly a percent. State Bank of India
, Tata Steel
, Jindal Steel
& Power, ICICI Bank
, HDFC Bank
and Mahindra & Mahindra
are also up in positive territory with notable gains.
Ranbaxy Laboratories is trading firm with a handsome gain of 3.6%. Power Grid Corporation
, Ambuja Cements
are also up with impressive gains.
, Ultratech Cement, Coal India
, Kotak Bank, ONGC
, Dr Reddy's
Laboratories, Hero Motocorp, Reliance Industries
, Bharti Airtel
, Asian Paints
, Punjab National Bank
and Larsen & Toubro
are trading lower by 0.5% - 2.5%.
Shares of some non-banking finance companies are attracting buyers this morning, following the Reserve Bank of India issuing guidelines for the new bank licences, which will pave the way for both corporate entities and NBFC to begin banking operations.
Among the top movers, Mahindra and Mahindra
Finance Services, Bajaj Finserv
, SREI Infrastructure
Finance, Religare Enterprises
Finance Holdings gained over 5% on hectic buying this morning.
KSB Pumps jumped more than 8% this morning following the company reporting a 21% year-on-year jump in net profit at Rs 19.54 crore for the fourth quarter ended December 31, 2012 despite a fall in operational income. Total income from operations however declined by 13% to Rs 197 crore from Rs 227 crore in a year ago quarter, while total expenditure fallen by 15.2% to Rs 173 crore on YoY basis, the company said.