After opening on a slightly negative note, stocks edged higher on the Indian bourses this morning with investors shrugging off weak global cues and indulging in some selective buying.
Power, realty, FMCG, healthcare and consumer durables stocks are finding support. Bank, metal and oil stocks too have edged up a bit. Automobile stocks are mixed. Information technology stocks, which got off to a weak start, are edging higher now.
The BSE benchmark Sensex, which drifted down 18,824 in early trades, is currently up 30.74 points or 0.15% at 18,877. The Nifty index of the National Stock Exchange is up 7.20 points or 0.12% at 5745.95, off an early low of 5729.95.
Tata Power, which had some weak spells recently due to disappointing results, has moved up this morning, gaining over 2% to Rs 104. Bajaj Auto, Jindal Steel, Hindalco and Sun Pharmaceutical Industries are up 1% - 1.2%.
Maruti Suzuki, Mahindra & Mahindra, BHEL, Reliance Industries, Wipro, Cipla, State Bank of India, Coal India, Hindustan Unilever, GAIL India and Larsen & Toubro are up with modest gains.
Jaiprakash Associates has gained around 1.3%. Reliance Infrastructure is up by a little over 1%. DLF, Power Grid Corporation, Axis Bank, Punjab National Bank and ACC are also trading firm.
Tata Motors is down 1.2% on the back of reports that Jaguar recalled over 4000 XF cars in the United States to fix a potential fuel leak problem.
ONGC is trading lower by about half a percent following the company reporting a near 32% decline in net profit at Rs 5896.57 crore for the quarter ended September 2012.
Infosys, Sesa Goa, Bharti Airtel, Hero Motocorp, HCL Technologies, Asian Paints and Tata Consultancy Services are also trading weak.