Sensex, Nifty come off higher levels; Bharti Airtel, ICICI Bank post strong gains

Last Updated: Thu, Mar 21, 2013 08:10 hrs

With a few blue chip stocks paring some gains due to profit taking, the market, which rebounded sharply after a setback earlier in the day, has come off the day's high now.

Still with several blue chip stocks from banking, metal, information technology and capital goods sectors trading higher on sustained buying support, the market remains fairly well placed in positive territory now.

Automobile stocks continue to trade weak. Realty stocks, which opened on a firm note this morning, have turned subdued due to lack of support. Power, FMCG, oil and healthcare stocks are trading mixed.

At 18,993.60, nearly 90 points off the day's high of 19,082.29, the Sensex is now up 109.41 points or 0.58% from its previous close. The Nifty is up 35.55 points or 0.62% at 5729.55, nearly 30 points down from the day's high of 5757.75.

Bharti Airtel is up nearly 8% at Rs 302, on fairly impressive volumes, due largely to bargain hunting after recent heavy losses. The stock suffered a setback earlier this week after a court issued summons to the Group's chairm Sunil Mittal in a case pertaining to alleged irregularities in allocation of additional spectrum in 2002.

ICICI Bank is up 5.3% at Rs 1054. HDFC has gained 3.7% and Jindal Steel & Power is up with a gain of 3.6%. Axis Bank and Sesa Goa are up 2.6% and 2.4%, respectively.

Ultratech Cement, Mahindra & Mahindra, Kotak Bank and GAIL India are up 1.5% - 2%. Tata Steel, Hindalco, State Bank of India, Wipro, Siemens, Reliance Industries, Coal India, Tata Consultancy Services and Infosys are also trading firm.

Tata Motors is down more than 3%. Bajaj Auto is down with a loss of 2.6% and Maruti Suzuki is trading lower by 2.4%.

Reliance Infrastructure is down nearly 3%. Bank of Baroda, NTPC, Hindustan Unilever, Punjab National Bank, Jaiprakash Associates, Hindustan Unilever, ONGC, BPCL and DLF are also trading notably lower.

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