The market, which came off higher levels past mid morning, briefly slipped into negative territory post noon as selling intensified in some front line stocks. However, thanks to support at lower levels, the market rebounded into positive territory subsequently and is currently up with modest gains.
Capital goods stocks are drifting lower on selling pressure. Power and PSU stocks too are slightly weak. FMCG, bank, information technology and metal stocks are off their highs and are mostly trading flat at present.
Realty, automobile and healthcare stocks are finding modest support. Oil and consumer durables stocks are trading firm.
The Sensex, which declined 18,610.65 from a high of 18,743.41, is currently up 12.90 points or 0.07% at 18,638.24. The Nifty is up 0.90 points or 0.02% at 5665.20.
Wipro is up with a strong gain of 2.8%. Hero Motocorp is up 2.3%. Reliance Industries is trading 1.8% up. Cipla, Tata Power, Bajaj Auto, Punjab National Bank, Hindalco, Jindal Steel & Power and Mahindra & Mahindra are also trading notably higher.
BHEL is down with a loss of 4.8% at Rs 230 due to weak results. The company has posted a net profit of Rs. 12744.50 million for the quarter ended September 30, 2012 as compared to Rs. 14120.30 million for the quarter ended September 30, 2011.
Total Income has decreased from Rs. 107927.50 million for the quarter ended September 30, 2011 to Rs. 106922.20 million for the quarter ended September 30, 2012. BHEL second quarter income stood at Rs1.31 billion.
Tata Motors, Hindustan Unilever, Bank of Baroda, BPCL and GAIL India are down 1% - 1.8%. Coal India, Tata Consultancy Services and Ranbaxy Laboratories are also trading notably lower.
Sesa Goa is trading modestly lower after an initial spell in positive territory. The company posted a net profit excluding associate income jumped 4400.8% to Rs 57.61 crore on 63.3% decline in total income to Rs 308.63 crore in Q2 September 2012 over Q2 September 2011.
Finolex Industries is up nearly 3% at Rs 66.10 on strong results. The company said its net profit jumped 893% to Rs 39.92 crore on 11.8% decline in net sales to Rs 380.78 crore in the July - September 2012 quarter, as compared to the corresponding quarter last year.
Torrent Pharmaceuticals rose more than 1.5% after consolidated net profit rose 7.3% to Rs 107.25 crore on 13.9% rise in net sales to Rs 747.17 crore in the September quarter over the corresponding quarter last year.