Trading got off to a positive start on the Indian bourses this morning with investors indulging in some selective buying in automobile, realty, pharmaceuticals and metal sectors. A few stocks from capital goods and power sectors too edged higher in opening trades.
Due to a lack of prominent triggers, investors appear a bit wary of building up positions. Worries about the looming U.S. fiscal cliff too appear to be weighing on sentiment to an extent.
The BSE benchmark Sensex, which rose to 19,504.40 in early trades, is now up 18 points or 0.08% at 19,435.46. The Nifty index of the National Stock Exchange is up 5.65 points or 0.1% at 5,911.25, nearly 20 points off an early high of 5930.80.
Tata Motors is trading stronger by 1.7%, extending recent gains. Tata Steel, Hindalco, Maruti Suzuki and Sun Pharmaceutical Industries are up 1% - 1.4%. GAIL India, Dr Reddy's Laboratories, Sterlite Industries, Bharti Airtel, NTPC and Hero Motocorp are also trading firm.
Axis Bank, Lupin, Jaiprakash Associates, Ambuja Cements, Reliance Infrastructure, Kotak Bank, Punjab National Bank, Asian Paints and Sesa Goa are up with modest gains.
Ultratech Cement, ITC, Coal India, ICICI Bank, HDFC, Cairn India, HCL Technologies, BHEL, Tata Consultancy Services and HDFC Bank are trading weak, losing 0.3% - 0.6%.
Hindustan Oil Exploration Company shares hit the roof, rising 20%, on reports that the Italian petroleum exploration and production firm Eni, which holds 47.18% stake in HOEC, is in talks with U.S. firm Anadarko Petroleum to sell its entire stake.