The Indian stock market is trading modestly higher this morning with investors indulging in some brisk buying in information technology and oil stocks in early trades. A fairly steady trend in Asian markets and expectations of some upbeat results from India Inc appear to be prompting investors to go in for some strong buying at a few front line counters.
The BSE benchmark Sensex, which rose to 19,757.55 in early trades, is currently up 76.30 points or 0.4% at 19,739.94. The Nifty index of the National Stock Exchange is up 20.30 points or 0.34% at 5971.60, slightly off an early high of 5977.95.
Information technology stocks, led by Infosys, moved higher in early trades this morning, and despite paring some gains, mostly hang on in positive territory now.
Automobile, power, bank, healthcare and realty stocks are trading mixed. Metal stocks are a bit weak. A few stocks from capital goods and FMCG sectors have moved up smartly.
Infosys, which posted a hefty gain in the previous session after the company reported better than expected quarterly results and issued an encouraging earnings forecast, is trading nearly 2.5% up at present. Tata Consultancy Services is up 1.2%, ahead of announcement of results. HCL Technologies, Financial Technologies, Hexaware, Mphasis, Mahindra Satyam, MindTree, Oracle Financial Services and Wipro are also trading in positive territory with notable gains.
Among the non-IT stocks in the Sensex, NTPC, Reliance Industries, Dr Reddy's Laboratories, ITC, ONGC, Tata Motors, ICICI Bank, HDFC and GAIL India are up 0.3% - 1.2%.
Jindal Steel & Power is down 1.7%. Maruti Suzuki, Cipla, Hindustan Unilever, Hindalco, Sun Pharmaceutical Industries, Coal India, Hero Motocorp, Tata Steel and Tata Power are all trading notably lower.
DLF, Siemens and Cairn India are among the notable gainers in the Nifty index. Reliance Infrastructure, IDFC, Ranbaxy Laboratories, Ultratech Cement, Jaiprakash Associates, Kotak Bank, ACC, Bank of Baroda and Punjab National Bank are trading weak.