Sensex edges high as select heavywights move up

The market has edged higher amid alternate bouts of buying and selling in front line stocks in mid afternoon trade. A firm close in most of the markets in the Asian region and a positive start on the European bourses are aiding sentiment to an extent. Amid a slew of earnings reports, the mood is somewhat cautious on the Indian bourses today.

Though there are expectations that the central bank will soon start cutting rates, doubts about the pace of global economic recovery and a marginal drop in FII buying late last week appear to be prompting investors to refrain from indulging in any big buying.

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The Sensex is up 58.59 poinyd ot 0.33'sy 17,807.28, well off the day's low of 17,665.89. The Nifty index of the National Stock Exchange is up 22.45 points or 0.42% at 5404.05, more than 50 points off the day's low of 5351.40.

Reliance Infrastructure has gained over 4%. Kotak Bank, Power Grid Corporation, Hero Motocorp and Mahindra & Mahindra are up 2% - 2.8%. Reliance Industries, Coal India, Sesa Goa and Hindalco are also trading sharply higher.

Tata Power is down 2.3% on weak results. Wipro, Cipla, Maruti Suzuki, SAIL, Ambuja Cements, BPCL, Punjab National Bank and Larsen & Toubro are also trading weak.

State Bank of India has posted a net profit for the period of Rs 3263.04 crore for the quarter ended December 31, 2011 where as the same was at Rs 2828.06 crore for the quarter ended December 31, 2010. On a consolidated basis, the bank posted a net profit after minority interest of Rs 4318.08 crore for the quarter ended December 31, 2011 where as the same was at Rs 3710.48 crore for the quarter ended December 31, 2010. Despite the bank's net profit for the latest quarter coming in above expectations, the stock is down nearly 2% at Rs 2132 at present.

Sun Pharmaceutical Industries Ltd has posted a net profit after tax of Rs 365.23 crore for the quarter ended December 31, 2011 as compared to Rs 342.67 crore for the quarter ended December 31, 2010. On a consolidated basis, the Sun Pharma Group has posted a net profit after minority interest of Rs 668.30 crore for the quarter ended December 31, 2011 where as the same was at Rs 350.15 crore for the quarter ended December 31, 2010. The pharma stock is now up 2.7% at Rs 556.

Britannia Industries vaulted to an all-time high of Rs 528 after the company reported a sharp 45% jump in net profit for the third quarter ended December. The stock is now up 4.7% at 517.

IVRCL Assets & Holdings Limited, a subsidiary of IVRCL, has bagged 151 km project - a four-laning of highway project from the Haryana government. The stock is up 2% at Rs 44. The infrastructure development project includes rehabilitation, up-gradation and widening of the existing carriageway to four-lane standards with construction of new pavement, rehabilitation of existing pavement, construction of bridges, drains, etc. Shares of IVRCL Limited are up 2.6% at Rs 58.10 at present.

CESC reported standalone net profit of Rs 74 crore for quarter ended December 2011 against net profit of Rs 110 crore in the same period a year ago. Net sales were at Rs 1019 crore for December 2011 quarter against Rs 921 crore in the same period a year ago. The stock, which declined to Rs 266, is currently at Rs 270, down 3.2% from its previous closing price.

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Shares of Motherson Sumi Systems Limited are trading at Rs 177.70, around its previous close. The stock, which had spurted to Rs 194.90 in early trades, plunged to around Rs 173.50 a little past noon. The company reported a net loss of Rs 24.72 crore for quarter ended December 31, as against net profit of Rs 106.37 crore in the same period a year ago. Total income was at Rs 3844.36 crore for quarter ended December 2011 where as the same was at Rs 2155.39 crore in the same period a year ago.

McNally Bharat has announced that it posted a net profit of Rs 12.51 crore for quarter ended December 2011 as compared to Rs 11.34 crore in the same period a year ago. Total sales stood at Rs 490.43 crore as against Rs 378.79 crore in the same period a year ago, the company said. The stock is down 1.2% at Rs 118.50.