Sensex, Nifty remain in positive territory; Metal stocks hold gains

Last Updated: Wed, Aug 08, 2012 06:38 hrs

After a firm start and a subsequent upmove, the market has pared some gains now with a few front line stocks from realty, capital goods and banking sectors retreating to lower levels on profit taking. Oil, power and healthcare stocks are also trading off their highs, even as stocks from metal and automobile sectors continue to trade firm with most of their gains intact.

FMCG, PSU and information technology stocks are trading mixed. Select midcap and smallcap stocks are up sharply on strong buying support and the market breadth is marginally positive.

The Sensex is up 58.98 points or 0.34% at 17,660.76. The Nifty index of the National Stock Exchange is up 21.20 points or 0.4% at 5357.90.

Jindal Steel tops the list of Sensex gainers. At Rs 419, the stock is up by a little over 3% from its previous closing price. Hindalco and Sterlite Industries are up 2.6% and 2.4%, respectively. Tata Steel is trading higher by a little over 1.5% and Coal India is up nearly a percent.

Among automobile stocks, Tata Motors is trading almost 2% up. Mahindra & Mahindra is up with a gain of 1.85%, while Hero Motocorp and Bajaj Auto are up with modest gains. Maruti Suzuki is trading lower by about 0.3%.

Hindustan Unilever, Infosys, Reliance Industries, State Bank of India, Tata Power, Sun Pharmaceutical Industries, HDFC, Cipla and NTPC are up with notable gains.

Bharti Airtel is trading lower by 2.2%, hurt by lower earnings in the June quarter. ONGC is down with a loss of 1.6%. Tata Consultancy Services and Dr Reddy's Laboratories are also trading weak.

IRB Infrastructure, up 5.3%, is the top gainer among BSE 'A' Group stocks. Hindustan Copper has surged more than 5%. MMTC, Jubilant Foodworks, Cummins India, Sun TV Network, Bajaj Finserv, JP Infratech, Gujarat Minerals, Wockhardt, Pidilite Industries, Power Finance Corporation, BPCL, Sesa Goa and Rashtriya Chemicals & Fertilizers are all trading higher by 2% - 5%.

Strides Arcolab shares are up nearly 4.5% following an announcement from the company's wholly owned subsidiary, Onco Therapies Limited, that it has received final ANDA approval for Oxaliplatin injection 50mg/10mL and 100mg/20mL.

The Company had in November 2011 received tentative approval from USFDA based on a Para III filing. This approval was later converted to a Para IV filing based on which USFDA has now granted final approval. According to IMS data, the US market for generic Oxaliplatin is approximately US$1.5 billion.

Alembic Pharmaceuticals Limited has announced that it has entered into a development and license agreement with Accu-Break Pharmaceuticals, Inc., USA, to develop new brand products that will use ABP's innovative Accu-Break tablet technologies. The stock is up 0.8% at Rs 64.50 now.

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