Amid alterate bouts of buying and selling in cautious trades, the market has edged higher past mid morning today. Investors are mostly tracking quarterly results from India Inc for direction.
While shares from information technology, realty, automobile and oil sectors are trading firm, those from capital goods, metal and healthcare sections are a bit weak. FMCG, bank and power stocks are trading mixed.
The Sensex, which advanced to 19,895.94, is now up 64.35 points or 0.32% at 19,881.98. The Nifty index of the National Stock Exchange is up 18.10 points or 0.3% at 6019.95.
HCL Technologies is up more than 4% thanks to sustained buying at the counter on the back of buoyant quarterly results.
Wipro is trading 3.3% up amid expectations of strong results. Tata Consultancy Services and Infosys are up 1.4% and 1.2%, respectively. Both Infosys and TCS had reported impressive results for the quarter ended 31 December 2012.
Tata Motors is up 2.4%. DLF, BPCL, Ambuja Cements, IDFC, ONGC, Bharti Airtel, Reliance Industries and Coal India are up with sharp to moderate gains.
ACC is down by around 2.2%. Ranbaxy Laboratories, Hindalco, Reliance Infrastructure, Sesa Goa, Jindal Steel & Power, Cipla and Larsen & Toubro are trading lower by 1% - 2%.
HDFC, BHEL, Hero Motocorp, Ultratech Cement, Tata Steel, ICICI Bank, Sun Pharmaceutical Industries and GAIL India are also trading weak.
Tech Mahindra, Zee Entertainment, United Phosphorus, Hindustan Petroleum Corporation, Bank of India, Godrej Properties, Federal Bank and Indian Hotels are among the notable gainers in the Junior Nifty index.
Reliance Communications is trading higher by about 1.3%. On Wednesday, the company signed an eight-year end-to-end network managed services contract with Alcatel-Lucent for $1 billion (around Rs 5,481 crore), covering India’s eastern and southern markets. The move is expected to be followed by a similar contract with Ericsson for the northern and western markets.
Mphasis is down more than 3%. Torrent Power, Shriram Transport Finance, Petronet LNG, LIC Housing Finance, United Spirits and SAIL are also trading weak.
McNally Bharat Engineering Company Ltd has informed that is had received an order for design, engineering, processing, manufacturing, inspection, civil work, erection & commissioning for complete Balance of Plant Equipment for a value of Rs 513.19 crores for 1X300 MW Power plant at Vizag. The stock is trading 1.5% up at Rs 100.80.
In the currency market, the rupee declined by 5 paise to 54.74 against the US dollar in early trade today on the Interbank Foreign Exchange due to appreciation of the American currency against the euro and other currencies in overseas markets and a weak opening in the domestic equity market. On Wednesday, the partially convertible Indian rupee had ended at 54.69 against the greenback, losing 8 paise.