After a fairly good start and a subsequent mild retreat around mid morning, the Indian stock market is trading modestly higher now, with investors continuing to pick up some front line stocks from capital goods, information technology, oil and healthcare sectors.
Bank, realty, power, automobile and FMCG stocks are trading flat, while metal stocks are trading weak.
At 20,682.41, the Sensex is now up 48.20 points or 0.3% from its previous close. The Nifty index of the National Stock Exchange is up 11.90 points or 0.2% at 6139.
Sun Pharmaceutical Industries is trading 1.8% up at Rs 620. Infosys, BHEL, Bharti Airtel, GAIL India, Mahindra & Mahindra, Reliance Industries, Dr Reddy's Laboratories, Cipla, Coal India, Axis Bank and State Bank of India are up 0.5% - 1.2%. Larsen & Toubro, HDFC Bank, Tata Consultancy Services and Wipro are up marginally.
Sesa Sterlite, Tata Steel, HDFC, Tata Power, Hero Motocorp, Hindustan Unilever and NTPC are trading weak, losing 0.4% - 1.6%. Maruti Suzuki and Tata Motors are down with modest losses.
Gujarat Minerals, Financial Technologies, Ranbaxy Laboratories, Adani Enterprises, Bharat Forge, MCX, Sun TV Network, Torrent Power, Future Retail, Wockhardt, Siemens, McLeod Russel and IRB Infrastructure are up 2% - 5%.
Ashok Leyland is trading nearly 2% up. In a statement, Ashok Leyland clarified that it is exploring various options to cut down its debt and has also gone on press about its intention to divest non-core assets in this regard. One of the identified non-core asset that is being looked at for sale will be a property situated in the Boat Club Area in Chennai.
The clarification from the company is on the back of media reports that it is planning to sell a prime property in Chennai. Ashok Leyland said that as of now, it has not sold the property and the speculation would have risen based on some enquiries on the property.
Jindal Steel & Power is down 2.4% at Rs 246. According to reports, the coal ministry has taken away the Ramchandi promotional block allocated to JSPL in 2009 for its CTL project citing considerable delay in development of the mines. The decision was taken as per the recommendation sent by Inter Ministerial Group set up by the Union government.
ABB is down 1.6% on profit taking after previous session's sharp upmove. Oracle Financial Services, Mphasis, Indiabulls Real Estate, Indian Oil Corporation and JSW Energy are also trading notably lower.