Amid stock specific activity, the benchmark indices Sensex and the Nifty remain in positive territory in late morning trade today.
While bargain hunting and short-covering after recent losses aid the surge, gains are somewhat limited as concerns about the situation in Ukraine and weak economic data from China weighing on sentiment.
The Sensex is up 61.23 points or 0.27% at 22,465.12, after having risen to 22,545.18 earlier this morning. The Nifty, which surged to 6732.05, is currently at 6706.40, up 11.60 points or 0.2% from its previous close.
Reliance Communications is down 2.5% at Rs 119 on weak results. The telecom firm said its consolidated net profit declined 48.51% to Rs 156 crore on 4.78% in the quarter ended March 2014. Total income declined 4.78% to Rs 5671 crore in the quarter.
Shares of another Anil Dhirubhai Ambani firm Reliance Capital are up 0.6% at Rs 352, after the company reported a 1% rise in consolidated net profit at Rs 267 crore. Total income rose 9% in the January - March quarter to Rs 1848 crore.
Automobile major Tata Motors is down more than 0.5% on weak sales data. Tata Motors said that domestic sales of commercial and passenger vehicles declined 36% to 30,670 units in April 2014, compared to the same month last year.
Light commercial vehicle sales declined 43% to 14,804 units in April 2014, from a year ago, while medium and heavy commercial vehicle sales declined 16% to 8,425 units in the month. Sales of passenger vehicles were down by 36% to 7,441 units in April 2014, from the same month in 2013.
Ashok Leyland is down more than 1% after the company reported 21% decline in total sales to 5897 units in April 2014 from the previous corresponding month.