The Indian stock market opened on a firm note this morning with investors indulging in some strong buying in early trades, tracking positive global cues. Short-covering and bargain hunting after some sharp losses in recent sessions too contributed to the bright start.
The BSE benchmark Sensex, which rose to 19,902.60 in opening trades, is currently up 94.88 points or 0.48% at 19,876.07. The Nifty index of the National Stock Exchange is up 28.05 points or 0.47% at 6026.95, off an early high of 6038.50.
Realty, automobile, bank an consumer durables stocks are among the prominent gainers. Select stocks from information technology and oil sectors too are trading firm. Metal stocks opened higher, but retreated subsequently. Capital goods, power and pharmaceuticals stocks are trading mixed.
Tata Motors has gained more than 3% at Rs 293 on bargain hunting after recent slide. The company had announced that total sales 29.5% fall in total sales (including exports), dropped 29.5% in January 2013, to 61,660 vehicles, as compared to 87,465 units sold in January 2012.
Bajaj Auto is trading 0.8% up. The company has reported a 2.35% rise in its motorcycle sales at 3.01 lakh units in January 2013. Exports increased by 9.82% during the month at 1.28 lakh units compared to 1.16 lakh units in January 2012, the company said.
Hero MotoCorp has recorded highest monthly sales of 5.57 lakh units in January 2013, a growth of 7.21% from 5.20 lakh units sold in same month of 2012. Hero Motocorp shares are up marginally at present.
Maruti Suzuki is trading lower by about half a percent, while Mahindra & Mahindra is down 0.3%.
ICICI Bank is up 1.8%. Hindalco, HDFC and HDFC Bank are up 1% - 1.2%. ONGC, GAIL India, Infosys, Wipro, Jindal Steel & Power, Tata Steel, Larsen & Toubro and State Bank of India are up with modest gains.
Dr Reddy's Laboratories and Cipla are down 1.3% and 1.1%, respectively. BHEL has lost around 0.6%. Coal India Tata Power, ITC and Reliance Industries are down with modest losses. IDFC, Lupin, ACC, Axis Bank, Punjab National Bank and Siemens are also trading weak.
Ultratech Cement is up nearly 3%. Asian Paints, Reliance Infrastructure, BPCL, DLF, Jaiprakash Associates and Kotak Bank are also trading firm.