After a modestly positive start, the market is edging higher amid cautious moves by investors in late morning trade today. Following the previous day's smart rise after a German court validated a 700 billion euro bailout proposal, investors are looking to book some profits this morning.
With no big triggers to warrany any strong buying, gains are just modest at present. Oil, PSU and capital goods stocks are among the top movers. PSU stocks are in focus amid hopes of some disinvetment announcement from the government. Select bank, consumer durables and FMCG stocks have also edged higher.
Information technology, automobile and realty stocks are mostly trading flat. Metal stocks, which had a good run in positive territory on Wednesday, are trading weak. Healthcare stocks are also trading lower.
The Sensex, which rose to 18,062.68, is currently up 41.60 points or 0.23% at 18,041.63. The Nifty index of the National Stock Exchange is up 10.25 points or 0.2% at 5441.25.
In the currency market, the rupee drifted down to 55.41 against the U.S. dollar, losing 20 paise from its previous close, due to persistent dollar demand. On Wednesday, the Indian currency had ended at 55.21, gaining 13 paise over Tuesday's close.
Reliance Infrastructure, GAIL India and Hero Motocorp are up more than 2%. BPCL, ONGC, BHEL, HCL Technologies, Bajaj Auto, ICICI Bank, Larsen & Toubro, Reliance Industries, State Bank of India and Power Grid Corporation are trading higher by 1% - 2%.
Cipla is trading lower by 2.8%. Ranbaxy Laboratories, Jindal Steel, HDFC, Sesa Goa, Bharti Airtel, Tata Motors, Sterlite Industries, Cairn India, Siemens, Mahindra & Mahindra and Sun Pharmaceutical Industries are also trading weak.
Junior Nifty stocks Idea Cellular, Adani Enterprises, Container Corporation, GSK Consumer Healthcare and Exide Industries are up 2% - 3%. Hindustan Petroleum Corporation, United Spirits, Zee Entertainment, Bosch, Yes Bank, Petronet LNG, Colgate Palmolive, United Phosphorus and Glenmark Pharmaceuticals are also up with impressive gains.
Lupin is down more than 3% at Rs 601. Reliance Communications, Cummins India, GMR Infrastructure, Biocon, Divi's Laboratories, Tech Mahindra, Oracle Financial Services and Canara Bank are down 1% - 1.6%.