With several front line stocks trading firm with most of their gains intact, the market, which rallied sharply this morning on strong global cues, remains high up in positive territory now.
Capital goods, bank, power, realty and automobile stocks are mostly trading notably higher. Healthcare, metal and consumer durables stocks too are trading firm. Oil, FMCG and information technology stocks have shed some early gains and are currently trading mixed.
The Sensex is up 167 points or almost 1% at 17,006.16, around 30 points off the day's high of 17,037.24 and the Nifty is up with a gain of 51.45 points or 1.01% at 5151.30.
In the currency market, the rupee rose 14 paise to 55.20 against the dollar in early trade on the Interbank Foreign Exchange on selling by exporters and banks. A positive opening in the equity market also supported the rupee. On Friday, the rupee had gained 18 paise to close at one-week high of 55.34.
ICICI Bank is up nearly 4.5%, with the bank's impressive quarterly results triggering hectic buying at the counter. Sun Pharmaceutical Industries, Tata Motors, Larsen & Toubro, Cipla and BHEL are trading higher by 2% - 2.8%.
Bajaj Auto, Sterlite Industries, Infosys, Tata Power, Bharti Airtel, NTPC, Tata Steel and State Bank of India are up 1.2% - 1.8%. Reliance Industries, GAIL India, Hero Motocorp, HDFC Bank, Coal India and Jindal Steel are also trading notably higher.
Among the losers in the Sensex, Wipro is down more than 2% with the weak earnings guidance given by the company contributing to the decline. Tata Consultancy Services and Hindalco are down 0.8% and 0.6%, respectively. Dr Reddy's Laboratories and ONGC are down marginally.
DLF is up 1.7% at Rs 198 on reports the company will sell its 17.5-acre land in Mumbai's Lower Parel to Lodha Group and a private equity player for about Rs 2,800 crore, ending its long-drawn bid to break ground in India's financial capital.
The deal will help the realtor pare part of its burgeoning debt that had reached Rs 22,725 crore by March 31. According to reports, the buyers have paid an advance, and the final terms of the deal are currently being worked out.
IRB Infrastructure is up nearly 6% on strong results. The company has posted a net profit of Rs 142 crore for the quarter ended June 2012, as compared to a net profit of Rs 134 crore it had recorded in the corresponding quarter of previous fiscal. The company's board has declared an interim dividend of Re 1 per equity share of face value of Rs 10 each, for the financial year 2012-13.
Thomas Cook has gained 5% thanks to a 45% jump (year-on-year) in net profit for the quarter ended June 2012.
GMR Infrastructure is gaining more than 5%. Pipavav Defence, Syndicate Bank, HDIL, Petronet LNG, Wockhardt, Jaiprakash Associates, Cairn India, Pantaloon Retail, Reliance Infrastructure, Godrej Industries, Zee Entertainment, Lupin and Indiabulls Real Estate are also up with strong gains.
TRF Limited shares plunged more than 10% following the company reporting a net loss of Rs 22 crore for the quarter ended June 2012 due to lower realization and higher interest cost. The company had posted a net profit of Rs 3.6 crore in the corresponding quarter of previous fiscal.
Gujarat Fluorochemicals is down nearly 3%. Opto Circuits, Bata India, Neyveli Lignite Corporation, JP Infratech, Godrej Consumer Products, Motherson Sumi and Alstom T&D are also trading notably lower.