Sensex pares some gains after bright start; Cairn India rises on new oil discovery

Last Updated: Tue, Apr 09, 2013 04:27 hrs

After opening on a firm note and moving further up, the Indian stock market has turned a bit listless this morning with a section of investors using the surge to trim down positions. The mood, however, is fairly positive on strong global cues.

The BSE benchmark Sensex, which opened nearly 50 points up at 18,481.47 and advanced to 18,521.73, is currently up 32.23 points or 0.17% at 18,470.01. The Nifty index of the National Stock Exchange is up 26.50 points or 0.48% at 5569.45.

Realty, metal, capital goods, power and bank stocks are mostly trading higher. Automobile stocks too have edged higher with investors indulging in some brisk buying in the sector after recent losses. Select oil and FMCG stocks have moved up.

healthcare and consumer durables stocks have retreated a bit after opening on a firm note. Information technology stocks are trading weak.

Tata Motors is up nearly 2%. ICICI Bank, HDFC, Jindal Steel & Power, Coal India, Sterlite Industries, Tata Steel, Larsen & Toubro and Maruti Suzuki are up 1% - 1.6%.

NTPC, State Bank of India, Hero Motocorp, Hindalco, GAIL India, Cipla, ITC, Mahindra & Mahindra and Reliance Industries are also trading firm.

Cairn India is up nearly 3% at Rs 294. The company has announced that it has made its latest oil discovery in the RJ-ON-90/1 block, following recent policy clarity by Government of India to conduct exploration activity in development blocks. The Management Committee approved the exploration work programme for the RJON- 90/1 block on 14 February 2013, post which Cairn India, the operator of the block, commenced the drilling of its first Exploration well, Raageshwari-South-1, on 25 February 2013 located in the southern part of the block, Cairn India said in a statement.

Cement stocks Jaiprakash Associates, ACC, Ambuja Cements, Ultratech Cement and Grasim Industries are trading firm, gaining 0.6% - 2%.

Sesa Goa, Reliance Infrastructure, IDFC, Power Grid Corporation, Bank of Baroda, DLF, Axis Bank and Punjab National Bank are also up with notable gains.

Bharti Airtel, Infosys, Bajaj Auto, Dr Reddy's Laboratories, Ranbaxy Laboratories and Hindustan Unilever are down 0.% - 1.3%. BHEL and ONGC are also trading weak.

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