Tracking positive cues from Asian markets, equities, led by key stocks from capital goods and automobile sectors surged higher in early trade on the Indian bourses this morning. A few stocks from realty, information technology and metal sectors too posted smart gains in opening trades.
However, after an early upmove, the market has pared most of its gains due to strong resistance at higher levels and is currently up just marginally.
Bank, healthcare, oil and PSU stocks are mostly trading flat. FMCG and consumer durables stocks are a bit weak in opening trades. Select midcap and smallcap stocks have posted strong gains.
The Sensex is up 21.60 points or 0.11% at 19,361.50, more than 50 points off an early high of 19,416.45. The Nifty, which rose to 5899.15, is now at 5882.95, up 3.10 points or 0.05% from its previous close.
Maruti Suzuki is up 1.6% at Rs 1498. The company has announced that its total vehicle sales rose 12.5% to 1,03,200 units in November 2012 over November 2011. Total domestic sales rose 9.7% to 90,882 units in November 2012 over November 2011. Total export sales jumped 38.4% to 12,318 units in November 2012 over November 2011.
Mahindra & Mahindra is trading 1.5% up at Rs 958.65. The company announced on Saturday that its auto sales rose 18% to 48,143 units in November 2012 over in November 2011. The company's domestic sales rose 23% to 46,755 units in November 2012 over November 2011. Passenger vehicle sales rose 38% to 24,604 units in November 2012 over November 2011.
Bajaj Auto is trading modestly higher at Rs 1938.30, while Hero Motocorp and Tata Motors are down in negative territory. Tata Motors has announced that it sold 66,500 vehicles (commercial and passenger vehicles) in November 2012. The company's domestic sales of Tata commercial and passenger vehicles for November 2012 were 62,354 units, as compared to 72,474 units, sold in November last year.
Tata Steel is trading nearly 2% up. Jindal Steel is up by around 1.5%. State Bank of India, Dr Reddy's Laboratories, Larsen & Toubro, Wipro, Coal India, GAIL India, Hindalco, ICICI Bank, Reliance Industries and Tata Consultancy Services are also trading notably higher.
Ultratech Cement is up nearly 3%. ACC, Jaiprakash Associates and Ambuja Cements are trading higher by 0.7% - 1% and Grasim Industries is up by about 0.4%.
IDFC, Kotak Bank, HDFC Bank and NTPC are down 1% - 1.6%. BPCL, Cipla, ITC, ONGC, Axis Bank, HCL Technologies, Tata Power and Asian Paints are trading lower by 0.3% - 0.7%.
Jet Airways is up nearly 6% on strong volumes. On the National Stock Exchange, the Jet Airways counter has clocked a volume of nearly 1.5 million shares so far this morning.
PVR (2.5%), Pantaloon Retail (3.2%), Karnataka Bank (1%) and Adhunik Metals (5.6%) have also moved up sharply on huge volumes.