After a rousing start and a subsequent sharp upmove, the market has pared some gains with a few blue chip stocks turning easy on selling pressure. Still, with several front line stocks from across various sectors trading firm with fairly strong gains, the market remains in positive territory.
Oil, information technology, automobile, metal and bank stocks are among the prominent gainers. A few top stocks from capital goods and healthcare sectors are also holding on in positive territory with impressive gains. Realty stocks have declined on selling pressure. FMCG stocks are down on profit taking.
The Sensex, which had rallied to 18,612.60, gaining nearly 380 points in the process, is currently at 18,372.46, up 137.80 points or 0.76% from its previous close. The Nifty, which has declined to 5389 from a high of 5460.25, is up with a gain of 46.45 points or 0.87% at present.
The rupee is currently trading at 67.21 to the U.S. dollar.
BHEL has gained over 4.5%. Tata Motors, Bharti Airtel, Hindalco, Tata Consultancy Services, Dr Reddy's Laboratories, Infosys, ICICI Bank, Reliance Industries, ONGC, Tata Steel, Cipla, Hero Motocorp and Coal India are up 1% - 3.5%. Larsen & Toubro and Mahindra & Mahindra are also up with solid gains.
Ranbaxy Laboratories, up 6.3%, is the top gainer in the Nifty index. IndusInd Bank is trading 5.3% up. Ultra Tech Cement, Jaiprakash Associates, Cairn India, Lupin, NMDC, Axis Bank, Asian Paints and Reliance Infrastructure are also trading notably higher.
IPCA Laboratories shot up by over 8% following an announcement from the company that the USFDA has found acceptable the company's solid dosage formulations manufacturing facility in Madhya Pradesh.
Shares of Jet Air India are up on reports that Etihad Air is likely to complete its purchase of a 24% stake in Jet by mid September.