After a sluggish start and a subsequent smart upmove, the market is holding in positive territory amid stock specific activity in early afternoon trades.
At 26,480.05, the Sensex is now up 86.04 points or 0.33% from its previous close. The Nifty50 of the National Stock Exchange is up 28.15 points or 0.35% at 8170.30.
ICICI Bank is gaining about 2.3%. Larsen & Toubro is up 1.6%, Maruti Suzuki, Sun Pharmaceutical Industries and Asian Paints are up 1% - 2.3%, while Hindustan Unilever, ONGC, Bajaj Auto, State Bank of India, HDFC Bank and Lupin are up 0.4% - 8%.
Adani Ports and Special Economic Zone is up 1.2%. The company has raised Rs 1300 crore by allotment of 13,000 rated, listed, Secured, Taxable, Redeemable, Non-Convertible Debentures (NCDs) of the face value of Rs 10 lakh each on private placement basis.
Indiabulls Housing Finance, up nearly 5%, is the top gainer in BSE 100 index. Titan is up 3%, LIC Housing Finance is up 2.75%, Grasim Industries is up 2.6%, UltraTech Cement is up 2.5% and Cadila Healthcare is up nearly 2%. Power Finance Corporation, IndusInd Bank, Godrej Consumer Products, Reliance Infrastructure, Tata Chemicals, Ambuja Cements, Tata Global Beverages and UBL are also notably higher.
Hindustan Zinc, Idea Cellular, Vedanta, Hindalco, NMDC, Glenmark Pharmaceuticals, Power Grid Corporation and Coal India are down with sharp to moderate losses.
Sarda Energy & Minerals zoomed to Rs 256.65 this morning, gaining more than 12%, after the company said that the operations at its iron ore mine in Chhattisgarh have been restored. On 9 March 2016, Sarda Energy & Minerals announced temporary suspension of operation at its iron ore mine in Dongarbore (Chhattisgarh) after a naxalite attack on 7 March 2016, which caused death of one employee and damage of a few vehicles. The stock is currently trading at Rs 244.20, up more than 6% from its previous closing price.
UCO Bank is up 2% after the bank said it has allotted 7.17 crore equity shares to Life Insurance Corporation of India at an issue price of Rs 37.74 per equity.
Jet Airways (up 2% at Rs 404) rallied to Rs 410.40 earlier this morning after the company unveiled year-end sale offers at heavily discounted airfares for economy class travel, starting as low as Rs 899 inclusive of taxes for a one way journey on select domestic routes across its network. The ticket sale, which commences from mid-night of November 29, would remain open till December 2 will be valid on economy fares with a 15 days post-booking waiting period for travel commencement.
Tata Communications is trading modestly higher. The telecom major has launched the latest addition to its IZO cloud enablement platform – IZO SDWAN. The company is using the new service to facilitate its expansion into new geographies.
Tata Power reported consolidated net profit of Rs 336 crore for the September 2016 quarter, as against net loss of Rs 96 crore in the corresponding quarter of the previous year. Consolidated total income from operations declined 5.96% to Rs 7209 crore in the September 2016 quarter, from September 2015 quarter, due to lower revenue at standalone level due to lower fuel cost & lower power purchase, lower million units traded at Tata Power Trading Company. The stock is up 0.5% now.