Thanks to resumption of buying in several blue chip stocks, the market regained most of the lost ground and very nearly rebounded into positive territory in mid morning trade today. However, following a fresh round of selling at some counters, the key indices are back in the red again.
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At 16,000.83, the Sensex is down 41.55 points or 0.26% from its previous closing mark. The Nifty is down 17.90 points or 0.37% at 4774.75.
Bank and capital goods stocks are off their lows now. FMCG, power, pharma and oil stocks are trading mixed. Consumer durables, information technology and metal stocks are trading firm. Select PSU and auto stocks are also up with notable gains.
Besides a host of large cap stocks, several midcap and smallcap stocks also rallied sharply on strong buying support. The market is pretty strong at present.
Hindalco is up 2.6% at Rs 137.65. Jaiprakash Associates is trading higher by around 2.5% at Rs 130.70. Tata Steel, Grasim Industries, DLF, Bharti Airtel, ACC and Sterlite Industries are trading higher by 1% - 1.75%. Reliance Infrastructure, Tata Motors and Reliance Communications are up with modest gains.
BHEL, Mahindra & Mahindra, Sun Pharmaceuticals, Tata Power, Hindustan Unilever, State Bank of India, HDFC and Larsen & Toubro are trading notably lower.
Midcap stock Glaxo Smithkline Consumer Healthcare is up 7.25% at Rs 1410. Essar Shipping, Deccan Chronicle Holdings, Emami, Motherson Sumi and Peninsula Land have gained 5% - 6%.
Gujarat NRE Coke, India Cements, Gillette India, Gammon India, Kesoram Industries, Voltas, JSL, Apollo Tyres, Titan Industries, India Bulls Real Estate, Puravankara Projects, IRB Infrastructure and Madras Cements are among the other notable gainers in the Midcap index.
Hindustan Construction Company Limited has received three Letter of Awards from National Highways Authority of India, New Delhi, to develop three contiguous sections of approximately 256 Kms length between Bahrampore to Dalkhola on NH-34 in the State of West Bengal on Design, Build, Finance, Operate and Transfer basis. The company will also collect toll from the users. The Hindustan Construction Company stock is up nearly 2.5% at Rs 135.30 now.
Smallcap stocks Goodyear India, Cranes Software, Esab India, KRBL, Gulf Oil Corporation, Subex, NIIT Technologies and Lakshmi Overseas are up with strong gains.
