The Indian stock market is modestly higher Wednesday morning, tracking positive global cues and on Bharatiya Janata Party winning the bypoll elections in Madhya Pradesh, Assam and Arunachal Pradesh. Better than expected quarterly results from Larsen & Toubro too aid sentiment.
The BSE benchmark Sensex, which rose to 26,130.49, gaining about 170 points in the process, is currently up 47.40 points or 0.17% at 26,008.19. The Nifty50 of the National Stock Exchange is up 10.10 points or 0.13% at 8012.40, after having advanced to 8055.20 in early trades.
Larsen & Toubro is up 4% at Rs 1382. After trading hours on Tuesday, Larsen & Toubro reported consolidated net profit of Rs 1434.63 crore for the quarter ended September 2016, up 84.31% over the corresponding quarter in the previous year. Total income increased 8.73% in the September 2016 quarter, compared to year-ago quarter.
Consolidated order inflow increased by 11% year on year to Rs 31,119 crore in the September 2016 quarter, with international orders constituting 24% of the total order inflow. Consolidated order book stood at Rs 2,51,773 crore as on 30 September 2016, higher by 4% on YoY basis.
Metal stocks are the other prominent gainers. Vedanta is up 3.1% and Hindalco is gaining 2.5%. NMDC, Tata Steel, JSW Steel, Hindustan Zinc and Jindal Steel & Power are up 1% - 2%. SAIL and Coal India are also notably higher.
Telecom, power and healthcare stocks are finding modest support. Information technology, automobile, bank and oil stocks are turning in a mixed performance.