Sensex, Nifty remain in positive territory; Pharma, IT stocks trade firm

With several blue chip stocks holding firm with a good portion of their early gains intact, the market, which opened on a buoyant note on strong global cues this morning, remains well entrenched in positive territory now.

The Sensex, which rose to 17,391.99 at the start, is now at 17,328.37, up 135.55 points or 0.8% over its previous closing mark. The Nifty, which has drifted down to 5208 from the day's high of 5228.90, is up with a gain of 39.15 points or 0.75%.

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Pharmaceuticals stocks among the most impressive gainers this morning. Shares from information technology, oil, realty and banking sectors are also mostly trading firm. Automobile, capital goods and consumer durables stocks have given up some of their gains. Metal stocks are drifting lower after a good spell in positive territory.

Sun Pharmaceuticals, up 3.4% at Rs 521, remains the top gainer in the Sensex. HDFC Bank has notched up a gain of 3.2% at Rs 478.65. Hindalco is up 2.5% at Rs 132 and Hero Motocorp is trading 2.1% up at Rs 2218.50. Bharti Airtel, Jaiprakash Associates, Bajaj Auto and DLF are up 1.5% - 1.9%.

Tata Consultancy Services, Reliance Industries, Wipro, Hindustan Unilever, Jindal Steel, Infosys and HDFC are trading higher by 1% - 1.4%. Sterlite Industries, NTPC, ONGC and Cipla are also trading firm.

Ranbaxy Laboratories (2.5%), Apollo Hospitals (2.35%), Dr Reddy's Laboratories (1.75%) and Cadila Healthcare (1.3%) are among the notable gainers in the healthcare space, besides Sun Pharmaceuticals. Strides Arcolab, Glaxo Smithkline Pharmaceuticals and Glenmark Pharmaceuticals are also trading higher.

Among non-Sensex IT stocks, Tech Mahindra, up 2.7%. Core Projects, Financial Technologies and Patni Computer Systems are also trading firm. CMC and Hexware are also up with smart gains.

Besides heavyweight Reliance Industries, Petronet LNG (2.8%), Essar Oil (2.5%) and Cairn India (2.35%) are the major gainers in the Oil & Gas index. Oil India, GAIL and ONGC are up with modest gains.

JSW Steel Ltd has posted a net loss after tax after minority of Rs 669.32 crore for the quarter ended September 30, 2011 as compared to net profit of Rs 373.26 crore for the quarter ended September 30, 2010. The stock is down in negative territory at Rs 656 with a loss of 2.4%.

LIC Housing Finance tumbled to Rs 219 following a 58% drop in the company's net profit to Rs 98 crore in the quarter ended September 2011. The stock has come off its low, but at Rs 225, still remains in negative territory with a sharp loss of 2.2%.

Wockhardt is up more than 3% at Rs 426 thanks to strong results. The company has reported a consolidated net profit of Rs 128 crore for the second quarter ended September 30, 2011, as against a net loss of Rs 97 crore in a year ago quarter. Net sales grew 18% to Rs 1,111 crore on year-on-year basis.

Shree Renuka Sugars shares plunged to Rs 36 after the company reported a net loss of Rs 57.30 crore in the quarter ended September 2011 as against net profit of Rs 8.10 crore during the previous quarter ended September 2010. Sales declined 21.68% to Rs 1127.30 crore in the quarter ended September 2011 as against Rs 1439.30 crore during the previous quarter ended September 2010. The stock is currently trading at Rs 40.35, down 22% from its previous closing price.

Jet Airways India reported net loss of Rs 713.60 crore in the quarter ended September 2011 as against net profit of Rs 12.40 crore during the previous quarter ended September 2010. Sales rose 11.41% to Rs 3122.28 crore in the quarter ended September 2011 as against Rs 2802.45 crore during the previous quarter ended September 2010. The stock is down 3.5% at Rs 256.50 now.

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SpiceJet is also down by over 3% on poor results. The airliner has reported a net loss of Rs 240.07 crore for the quarter ended September 2011 as against net profit of Rs 10.11 crore during the previous quarter ended September 2010. Sales rose 25.88% to Rs 759.03 crore in the quarter ended September 2011 as against Rs 603.00 crore during the previous quarter ended September 2010.