Sensex pares gains as stocks retreat after early upmove

After a slightly listless start, the market edged higher this morning with investors picking up stocks from oil, automobile, healthcare and consumer durables sectors following a positive lead from Asian bourses on the back of reports the Greek government has passed an austerity bill.

Bank, information technology, metal and FMCG stocks are trading mixed, while realty stocks are down with notable losses.

Top gainers | Worst losers | More tips

However, after rising to 17,807.61 from a low of 17,735, the Sensex has retreated to 17,746, netting a small loss of 2.51 points. The Nifty, which rose to 5392.95, is now at 5381.30, down slightly form its previous close of 5381.60.

Sun Pharmaceuticals has gained nearly 2.5% at Rs 554. Coal India is up almost 2% at Rs 338. Mahindra & Mahindra, Hero Motocorp and ONGC are trading higher by 1.6% - 1.9%. Reliance Industries is up with a gain of about 1% at Rs 850.60.

Bajaj Auto, Hindustan Unilever, Jindal Steel, HDFC, HDFC Bank, Maruti Suzuki, BHEL, GAIL India and ITC are up with modest gains.

Among the losers in the Sensex, realty stock DLF is down by over 3% on weak results. The Group has posted a net profit of Rs 258.35 crore for the quarter ended December 31, 2011 as compared to Rs 465.67 crore for the quarter ended December 31, 2010. Total income decreased from Rs 2594.23 crore for the quarter ended December 31, 2010 to Rs 2396.02 crore for the quarter ended December 31, 2011.

Tata Power has lost 1.6% at Rs 109 on disappointing results. The Group has posted a consolidated net profit after Appropriations of Rs 262.67 crore for the quarter ended December 31, 2011 as compared to Rs 442.37 crore for the quarter ended December 31, 2010.

State Bank of India is down with a loss of 1.7% at Rs 2134. Sterlite Industries, Bharti Airtel, Hindalco, Larsen & Toubro, Wipro, Cipla and Tata Motors are also down in negative territory, albiet with less pronounced losses.

Top gainers | Worst losers | More tips

Cairn India, HCL Technologies, Power Grid Corporation, Kotak Bank, ACC, Ranbaxy Laboratories, Dr Reddy's Laboratories and Grasim Industries are also trading higher.