The Indian stock market is trading modestly higher after a bright start this morning with investors indulging in some buying, tracking cues from Asian peers. Some short-covering and bargain hunting after the previous session's setback is also contributing to the upmove in the market.
The BSE benchmark Sensex, which rose to 19,347.64 in early trades, has eased to 19,275.62, but still remains in positive territory, netting a gain of 33.62 points or 0.17%. The Nifty index of the National Stock Exchange is up 7.65 points or 0.13% at 5855.35, off an early high of 5871.90.
Information technology stocks are edging higher, thanks to the rupee's recent weakness against the U.S. dollar. Select pharmaceuticals, realty, metal and automobile stocks are also up in positive territory.
Bank, FMCG, capital goods and oil stocks are a bit subdued. Buying is stock specific in midcap and smallcap segments.
Infosys is up 1.3% at Rs 2323. Tata consultancy Services is trading 0.8% up at Rs 1268 and Wipro is up with a gain of 0.75% at Rs 381.75. HCL Technologies is also trading notably higher at Rs 635.
Sun Pharmaceutical Industries and Dr Reddy's Laboratories are up 1.2% and 1%, respectively. Cipla is trading marginally up.
Sterlite Industries, Bajaj Auto, HDFC, Tata Steel, Mahindra & Mahindra, Bharti Airtel, Hindalco, ICICI Bank, State Bank of India, GAIL India, Tata Power and Hero Motocorp are up 0.4% - 1.2%.
Ambuja Cements, DLF, Siemens, BPCL, Axis Bank, Cairn India, Reliance Infrastructure, Lupin and Sesa Goa are up 0.5% - 1%.
ONGC, trading ex-dividend, is at Rs 257.30, down nearly 1.5% from its previous closing price.
Maruti Suzuki, Bank of Baroda, Kotak Bank, Punjab National Bank, Larsen & Toubro, Ultratech Cement, Reliance Industries, IDFC, Jindal Steel & Power and HDFC Bank are also trading weak.
NMDC is up 0.5% at Rs 159. After trading hours on Friday, the Ministry of Steel said the company has signed a Memorandum of Understanding with Indian Railways. As per the provisions of the MoU, the 150 km Jagdalpur-Kirandul section of the Kottavalsa-Kirandul railway line of the East Coast Railway will be doubled to augment the evacuation capacity of NMDC to meet the increased demand for iron ore of the Indian steel industry. The project will be implemented by Indian Railways at a cost Rs 826 crores and same will be funded by NMDC with provisions for suitable returns through freight rebate, the Ministry of Steel said.