MUMBAI: After a firm start and a subsequent smart upmove, the Indian stock market pared some gains Thursday morning with select stocks facing some resistance at higher levels. IT majors are trading higher ahead of results from TCS and Infosys.
Wall Street ended higher overnight despite U.S. President-elect Donald Trump's press conference not providing any detail on proposed policies on tax cuts and infrastructure spending. Asian markets are mostly higher today.
Comments from finance minister Arun Jaitley that the Indian economy will look much cleaner and bigger thanks to a digitized economy post demonetization and implementation of the Goods and Services Tax, also contributed to the positive start in the Indian market.
The BSE benchmark Sensex is up 57.31 points or 0.21% at 27,206.61, after having risen to 27,278.93 in early trades. The Nifty50 of the National Stock Exchange, which advanced to 8417.20,, is now up 21 points or 0.25% at 8401.65.
In the forex market, the rupee opened at 68.15 against the U.S. dollar, up 17 paise from its previous close of 68.32.
IT bellwether Infosys is up 2.3%. Wipro is gaining nearly 1.5% and Tata Consultancy Services is up 0.6%. Tech Mahindra is up 2.5% and HCL Technologies is gaining about 1.3%.
Power Grid Corporation is up 3.3%. Axis Bank, ICICI Bank, ONGC, NTPC, Larsen & Toubro, HDFC, Tata Motors, State Bank of India, HDFC Bank, Bharti Airtel and GAIL India are higher by 0.3% - 1.2%.
Yes Bank, Tata Power, UltraTech Cement, Bharti Infratel and Tata Motors DVR are also up in positive territory.
Pharmaceuticals stocks are weak. Aurobindo Pharma, Sun Pharmaceutical Industries, Dr Reddy's Laboratories and Lupin are down 1.6% - 2.4%, while Cipla is lower by about 1%.
Idea Cellular, Coal India IndusInd Bank, ITC, Mahindra & Mahindra, Hindalco, Eicher Motors, Hindustan Unilever and BHEL are down 0.5% - 1.5%.