The market briefly slipped into negative territory in early afternoon trade today, following a moderate bout of selling pressure. However, with select blue chips finding good support at lower levels, the market is back in positive zone now.
At 20,877.41, the Sensex is up 26.67 points or 0.12% from its previous close. The Nifty is up 10.35 points or 0.17% at 6199.35.
Metal stocks started off on a firm note today, extending overnight gains. Stocks from this sector rallied sharply on Monday after the Chinese government unveiled a slew of economic and social reforms last week.
Some of these stocks, however, have come off their early highs due to profit taking. Hindalco (3.3%), Jindal Steel & Power (2.3%) and JSW Steel (1.8%) are up sharply and Bhushan Steel is up marginally. Sesa Sterlite, NMdC, Hindustan Zinc, SAIL and Tata Steel are down 0.6% - 2.3%.
Maruti Suzuki is trading higher by over 3% at Rs 1680. State Bank of India, GAIL India, Larsen & Toubro, Bharti Airtel, BHEL and Infosys are up 1% - 3%. ICICI Bank, HDFC and Reliance Industries are also trading notably higher.
HDFC Bank, Dr Reddy's Laboratories, ONGC, Tata Consultancy Services, Bajaj Auto, Tata Motors, Coal India, Wipro and ITC are down .5% - 1.2%.
Sadbhav Engineering is up 1.7% at Rs 73.50 following an announcement from the company that it has been declared the successful bidder by Delhi Metro Rail Corporation for a contract aggregating Rs 50.96 crore.
Sabero Organics is down more than 4% at Rs 124 after the company said that the Gujarat Pollution Control Board advised the company to close production process at its Sarigam unit in Gujarat due to environmental concerns.
IPCA Laboratories has announced that it has entered into an agreement with Avik Pharmaceutical to acquire 50% of its paid-up equity share capital for Rs 6.51 crore. The stock is up marginally at Rs 688 at present.