Sensex holds in positive territory amid cautious trades

Last Updated: Thu, Jan 03, 2013 06:01 hrs

Amid alternate bouts of buying and selling in blue chip stocks, the key Indian stock indices Sensex and Nifty remain modestly up in positive territory after a slightly bright start today.

At 19,751.39, the Sensex is now up 37.15 points or 0.2% from its previous closing mark. The Nifty index of the National Stock Exchange is up 13 points or 0.21% at 6006.25.

Though global cues are quite positive, investors appear keen on booking some profits, cashing in on recent strong gains. Information technology stocks, which were quite subdued in recent sessions, are edging higher today.

Select oil, metal, automobile, power and healthcare stocks are up in positive territory with notable gains. Realty, bank and capital goods stocks are trading mixed, while consumer durables and FMCG stocks are a bit weak.

IT heavyweights Infosys and Tata Consultancy Services are trading higher by about 1.3%. HCL Technologies and Wipro are up 0.7% and 0.5%, respectively. Hexaware, Polaris, Mpahsis, Rolta India, Oracle Financial Services and Tech Mahindra are also trading notably higher.

Mahindra Satyam shares are up 1.5% at Rs 108.79. According to reports, a US federal judge has dismissed claims against seven former directors of Satyam Computer Services Ltd in shareholder lawsuits stemming from the massive fraud at the heart of India's largest corporate scandal. The Judge said the allegations primarily focused on the actions of a small group of insiders, reinforcing an inference the audit committee's members "were themselves victims of the fraud."

Dr Reddy`s Laboratories has announced that it has launched Finasteride tablets (1 mg), a bioequivalent generic version of Propecia (Finasteride) tablets in the US market on January 2, 2012.
The Propecia tablets brand has U.S. sales of approximately US$ 136 million MAT for the most recent twelve months ending in October 2012 according to IMS Health. The stock is up more than 2.5% at Rs 1884 now.

Maruti Suzuki, which rose to Rs 1567 in early trades, is currently at Rs 1552, down marginally from its previous closing price. The carmaker has reported a growth of 3.2% in sales to 95,145 units in December 2012. The previous high in total slaes was December 2011 at 92,161 units. This includes 13,072 units for export, a decline of 11%. Thecompany had sold a total of 14,686 units in December 2011. Domestic sales during the month stood at 82,073 units, compared to 77,475 units in December last year, up 5.9%.

Steel Strips Wheels Limited announced on Wednesday that its sales declined 25.5% to Rs 757.5 million during December 2012, as against Rs 1,017 million in December 2011. In term of number of wheel rims, the company sold 7.65 lacs steel wheel rims during the month of December 2012, as against 9.35 lacs steel wheel rims during the month of December 2011, the company said.

The company has achieved the export sales of 88,746 wheel rims during the month of December 2012 as against 101,893 wheel rims during the month of December 2011, recorded a fall of 12.9%.

Despite lower sales in December, Steel Strips Wheels shares are currently trading more than 12% up at Rs 208.

In the currency market, the rupee declined by 10 paise to 54.45 against the US dollar in early trade today on the Interbank Foreign Exchange due to appreciation of the American currency against the euro and other currencies in overseas markets. On Wednesday, the rupee had ended at 54.35 against the greenback, gaining 33 paise.

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