With a few blue chip stocks facing stiff resistance at higher levels, the market has pared some early gains now. Still, thanks to fairly sustained buying in power, information technology, metal and select bank, healthcare and capital goods stocks, the benchmark indices Sensex and Nifty remain well placed in positive territory.
At 16,991.48, nearly 40 points off the day's high of 17,029.27, the Sensex is now up 84.90 points or 0.5% from its previous closing mark. The Nifty index of the National Stock Exchange is up 29 points or 0.57% at 5149.75, off the day's high of 5159.10.
In the currency market, the rupee drifted lower this morning to 57.14 against the U.S. dollar, losing 12 paise from its previous close. Persistent demand for the greenback from banks and importers contributed to the Indian's currency's decline.
Automobile, oil and consumer durables stocks are displaying some weakness. Realty and FMCG stocks are off their earlier highs. Midcap and smallcap segments are seeing stock specific activity.
Tata Power, up 2.5%, remains the top gainer in the Sensex. Tata Consultancy Services, Tata Steel, Hindalco, Sun Pharmaceutical Industries, ICICI Bank, HDFC Bank and Infosys are trading higher by 1% - 1.5%.
Manappuram Finance is in demand once again. The stock has been moving higher quite consistently over the past few sessions following a private equity player taking a stake in the company. At Rs 31.85, the stock is up nearly 5.5% from its previous closing price.
MindTree stock shot up by over 8% amid strong volumes following a rating upgrade of the stock by some top brokerage firms.
Sugar stocks Balrampur Chini, Shree Renuka Sugars, EID Parry, Upper Ganges Sugars and Dhampur Sugars attracted buyers this morning amid reports that the Food Ministry will consider a proposal to reduce the quantity of non-levy sugar for the September quarter.
Andhra Bank is trading lower by around 5.5%. Tata Communications, Oil India, Kotak Bank, Indian Oil Corporation, Alstom T&D, Hindustan Petroleum Corporation, TTK Prestige, BPCL and Ultratech Cement are also trading notably lower.