With some front line stocks from metal, healthcare, information technology and realty sectors posting solid gains amid cautious trades, the key stock indices Sensex and Nifty remain in positive territory this morning despite coming off their earlier highs.
Besides positive global cues, bargain hunting after recent losses is also contributing to the market's surge up north today. Automobile, power and capital goods stocks are trading mixed. Oil and bank stocks are also exhibiting a mixed trend.
The Sensex is up 50.30 points or 0.26% at 19,710.12. The Nifty is up 21.35 points or 0.36% at 5978.25.
Bank of Baroda, back in demand after a string off losing sessions, is up 2.7% at Rs 804. Ultratech Cement, HDFC, Maruti Suzuki (the stock has hit a new high this morning) and IDFC are trading higher by 2% - 2.2%.
Tata Steel, Sesa Goa, Jindal Steel & Power and Hindalco are up 1.3% - 2%. Kotak Bank, Punjab National Bank, Ambuja Cements, Coal India, Reliance Infrastructure, Cairn India, BHEL, ONGC, Tata Power, Lupin, ACC and Bajaj Auto are also up in positive territory with notable gains.
NTPC is down 1.5% at Rs 153. Hindustan Unilever is trading lower by 1.4%. Hero Motocorp, HDFC Bank, Siemens, ICICI Bank, Cipla, Tata Motors and Grasim Industries are also trading weak.
Adani Ports, the top gainer in the Junior Nifty index, is up 4.4% at Rs 158. Canara Bank, Shriram Transport Finance, GMR Infrastructure, REC, Bank of India, Tech Mahindra, Power Finance Corporation, Biocon, Adani Enterprises, JSW Steel and Apollo Hospitals are trading higher by 2% - 3%.
In economic news, the services sector grew at a brisk pace, with the widely-tracked Purchasing Managers’ Index (PMI) rising to a year’s high of 57.5 points, against 55.6 points in the previous month.
PMI for manufacturing, however, stood at a three-month low of 53.2 points, against 54.7 in December. Combining both, the HSBC composite PMI stood at 56.3 points, unchanged from December.