The market, which pared some early gains, briefly slipped into the negative zone before edging higher in mid morning trade today.
The Sensex, which declined to 18,436.61 from a high of 18,521.73, is now up 27.80 points or 0.15% at 18,465.58. The Nifty index of the National Stock Exchange is up 26.75 points or nearly 0.5% at 5569.75.
Though global cues are positive, investors appear rather reluctant to hold positions at higher levels, choosing to wait for some key results and economic data. Metal, capital goods and automobile stocks are trading firm.
Realty stocks have given up some early gains due to stiff resistance at higher levels. Select bank, power and FMCG stocks are up with smart gains. Oil stocks have declined a bit. Information technology stocks continue to trade weak.
Jindal Steel & Power is up nearly 3%. Cairn India is also trading 3% up, with a new oil discovery aiding sentiment. Ambuja Cements has notched up a gain of 2.8%. ACC, Ultratech Cement, Sesa Goa, Axis Bank, ICICI Bank, Jaiprakash Associates, Tata Steel, IDFC, HDFC, Larsen & Toubro, Hindalco, NTPC and Power Grid Corporation are up 1% - 2.2%.
Tata Consultancy Services is trading 1.2% up at Rs 1,498. The stock rose to Rs 1504 earlier this morning. The stock is up on reports the company will acquire IT Services firm ALTI for 75 million euro to help drive long-term growth in France. The acquisition will strengthen TCS's ability and footprint to service its customers in France and other regions in Europe.
Bharti Airtel is down nearly 2%. Dr Reddy's Laboratories, Infosys, ONGC, Asian Paints, Reliance Industries and HDFC Bank are trading lower by 0.4% - 1.1%. Bajaj Auto, Tata Power and Ranbaxy Laboratories are down marginally.
Wipro is trading at 398.90, down more than 11% from its previous close. Wipro tops the turnover chart, clocking a turnover of over Rs 140 crore on a volume of around 3.45 million shares on the National Stock Exchange. The stock is down following the company demerging its non-IT businesses. The record date for the purpose of determining the members of the company to whom securities of the resulting company will be allotted and be eligible for right entitlements will be April 11, 2003, the company has announced.
Shares of Maharashtras Seamless Limited jumped 10% this morning following the company's board approving a Rs 100 crore share buy-back proposal. Accordingly, the company will buy back shares at a maximum price of Rs 300 per share through the open market.