Sensex, Nifty turn positive again; Pharma stocks move higher @ 11:58 hrs

The Sensex, which drifted down into the red in mid morning trades, has edged up into the positive territory thanks to some strong buying at lower levels in a few front line stocks.

At 17,709.25, the Sensex is now up with a modest gain of 23.01 points or 0.15%. The Nifty index of the National Stock Exchange is up 0.13% or 6.65 points at 5284.55, nearly 25 points off the day's low of 5260.05.

Tata Power, which is the top gainer in the Sensex at presence, is up nearly 2% at Rs 1437.25. Grasim Industries and ICICI Bank are up by around 1.65% at Rs 2673 and Rs 902 respectively. Mahindra & Mahindra, Reliance Communications and NTPC have gained more than a percent.

Index heavyweight Reliance Industries is up 0.8%. Bharti Airtel, ONGC, ACC, Tata Motors, Hindustan Unilever, DLF and State Bank of India are up with modest gains.

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IDFC, Siemens, Idea Cellular, Cairn India, Suzlon Energy, Power Grid Corporation, Jindal Steel and ABB are trading notably higher.

Maruti Suzuki has lost nearly 3% due to sustained selling pressure. Infosys Technologies is down with a loss of 1.4%. Hero Honda, Tata Consultancy Services, Wipro, GAIL India, Hindalco, BPCL, ITC, Reliance Infrastructure, Axis Bank, BHEL and Larsen & Toubro are also trading with notable losses.

Adani Enterprises is up nearly 7%. India Bulls Financial Services, Thermax, Bharat Forge, Mangalore Refineries & Petrochemicals, Zee Entertainment, IVRCL Infrastructure, Central Bank of India , Indian Bank and REI Agro are trading higher by 3% - 6%.

Ispat Industries, Shree Renuka Sugars, EIH, Rashtriya Chemicals & Fertilizers, Mundra Port, Oriental Bank of Commerce, Nagarjuna Construction, India Infoline, Allahabad Bank, Federal Bank, Everest Kanto Cylinder, IDFC, Syndicate Bank and UCO Bank have also risen sharply.

Pharmaceuticals stocks are trading firm on fairly strong buying support. Among sector majors, Dr Reddy's Laboratories and Cipla are up by around 3%, while Ranbaxy Laboratories is trading with a modest gain.