Riding on the strength of Reliance Industries, which has moved up smartly in early trades on the back of a 24% surge in net profit for the quarter ended December 2012, the Indian stock market opened higher this morning.
The BSE benchmark Sensex, which opened nearly 100 points up at 20,132.83 and advanced to 20,163.38, is currently up by around 77 points or 0.4% at 20,116. The Nifty index of the National Stock Exchange is up 15.30 points or 0.25% at 6079.70, around 15 points off an early high of 6094.35.
Besides oil stocks, shares from FMCG, capital goods and metal sectors are finding some support in opening trades. Healthcare, bank and automobile stocks are trading mixed, while information technology stocks are slightly weak.
Reliance Industries spurted to Rs 954.80 on hectic buying at the start, and is currently trading at Rs 940, up more than 4.5% from its previous closing price. On the National Stock Exchange, the Reliance Industries counter has clocked a turnover of over Rs 257 crore on a volume of around 2.73 million shares this morning.
After trading hours on Friday (18 January 2013), Reliance Industries announced that its net profit jumped 23.9% to Rs 5502 crore on 10.1% growth in turnover to Rs 96,307 crore in the October - December 2012 quarter, as compared to the prior corresponding quarter. The company's gross refining margin rose to $9.6 a barrel in the third quarter of financial year 2012-2013, as compared to $6.8 a barrel in the corresponding quarter last year.
BHEL is up 1.2% and Hindalco is trading higher by a little over 1%. GAIL India, Tata Steel, Dr Reddy's Laboratories, Tata Power, Maruti Suzuki, ITC, NTPC, State Bank of India and Sterlite Industries are up 0.5% - 1%.
aints are also trading in positive territory.
DLF, Ultratech Cement, Sun Pharmaceutical Industries and HDFC are trading lower by 1% - 1.2%. Bajaj Auto, Tata Consultancy Services, IDFC, Hindustan Unilever, Bharti Airtel, Infosys, HDFC Bank, ACC and HCL Technologies are also trading weak.