With several front line stocks trading firm with impressive gains, and no negative triggers around to warrant a sell-off, the market looks headed for a buoyant close today.
With most of the markets in the Asian region closing on a firm note and the trend in European markets too quite positive amid renewed optimism about the global economy following last week's encouraging economic data out of the U.S., the mood remains quite bullish on the Indian bourses this afternoon.
The Sensex is now up 201.73 points or 1.03% at 19,875.37, slightly off the day's high of 19,891.26. The Nifty index of the National Stock Exchange is up 71.55 points or 1.2% at 6042.60.
FMCG, bank, automobile and realty stocks are trading firm. Stocks from power, capital goods, pharmaceuticals and PSU sections are also mostly trading in positive territory. Oil and information technology stocks, however, remain subdued.
Hero Motocorp is up nearly 3% now. Tata Motors, Bharti Airtel, ITC and Jindal Steel & Power are trading higher by 2.3% - 3%. ICICI Bank is up almost 2%. NTPC, BHEL, State Bank of India, HDFC Bank, Larsen & Toubro, Bajaj Auto and Cipla are up 1% - 1.6%.
Axis Bank, up 3.3%, is the top gainer in the Nifty index. IndusInd Bank is up by a little over 3%. DLF, Grasim Industries, Kotak Bank, Lupin, IDFC, Punjab National Bank, Bank of Baroda, ACC and Jaiprakash Associates are up 1% - 2.8%.
Coal India is trading weak, losing over 2%. BPCL, Mahindra & Mahindra, Dr Reddy's Laboratories, Maruti Suzuki, HDFC and Ambuja Cements are also trading weak, albeit with less pronounced losses.
Allahabad Bank is trading sharply lower following a weak report card. The bank has announced that its net profit for the quarter ended March 2013 declined 69% to Rs 126 crore from the prior corresponding quarter. The bank cited high provisioning for bad loans and lower net interest income as the reasons for the dip in profits.
GlaxoSmithkline Pharmaceuticals is up more than 6% following the company reporting a 37.5% jump in net profit to Rs 169.01 crore in the January - March 2013 quarter, as compared to the year ago period.