Sensex edges up after brief spell in negative territory

Last Updated: Wed, Jan 30, 2013 08:13 hrs

After a fall from higher levels and a subsequent brief spell in negative territory, the market has edged up a bit this afternoon amid selective buying in some front line stocks.

The Sensex, which declined to 19,965.23 from the day's high of 20,073.46, is currently at 19,997.77, up 6.87 points or 0.03% from its previous close. The Nifty is up 5.55 points or 0.09% at 6055.45, off the day's low of 6044.15.

FMCG, capital goods, power and automobile stocks are subdued amid lackluster trades, while realty and consumer durables stocks are mostly trading higher. Bank, meta, oil and healthcare stocks are finding fairly good support, while information technology stocks are mixed.

Among realty stocks, DLF is up nearly 4%. Indiabulls Real Estate is up 3% and Unitech is trading 2.6% upand Parsvnath Developers is up with a gain of 2%, while Phoenix Mills and Godrej Properties are trading higher by 1.5% and 1%, respectively.

Godrej Properties has reported a growth of 23.97% in consolidated net profit to Rs 354.76 million for the quarter ended Dec. 31, 2012 as compared to Rs 286.15 million in the same period last year. During the quarter, the company saw a rise of 57.65% in consolidated total income to Rs 2.68 billion from Rs 1.70 billion in the same quarter last year.

Bajaj Electricals (4%), Rajesh Exports (3.7%) and Titan Industries (2.3%) are the star performers in the Consumer Durables index. TTK Prestige and Videocon Industries are up with modest gains, while Blue Star, Symphony, Whirlpool and VIP Industries are trading weak.

Cipla is trading nearly 2.5% up. Tata Steel is up by around 2% and Hindustan Unilever is up nearly 2%. Wipro, Reliance Industries, Sterlite Industries and ICICI Bank are up 1.3% - 2%. ONGC, Coal India, Maruti Suzuki, Hindalco and HDFC Bank are up with modest gains.

GAIL India is trading lower by 2.8%. Tata power, ITC and Tata Motors are down 1.3% - 2%, while Bharti Airtel, Mahindra & Mahindra, NTPC, BHEL, HDFC, Hero Motocorp and State Bank of India are down 0.5% - 1%.

Larsen & Toubro has announced that it has signed a contract with Petronas Carigali Myanmar in Yangon for US$100 million. The stock is currently trading lower by about 0.6%.

Engineers India has announced that its net profit declined by 12.58% to Rs 1.32 billion for the quarter ended December 31, 2012, from a net profit of Rs 1.51 billion it had posted in the corresponding period last year. Total income decreased by 19.74% to Rs 6.71 billion for the quarter ended December 31, 2012 from Rs 8.36 billion in the year ago period.

More from Sify: