Sensex pares some gains; Breath remains strong

Last Updated: Mon, Feb 06, 2012 08:03 hrs

The market has come off its higher levels this afternoon with investors choosing to book some profits in a few blue chip stocks. However, with the mood remaing fairly buoyant on strong global cues and recent encouraging economic data from the home front, the key indices Sensex and Nifty still remain fairly well placed in positive territory at present.

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At 17,725, more than 100 points off the day's high of 17,829.72, the Sensex is now up 120.04 points or 0.7% over its previous closing mark. The Nifty is up 40 points or 0.75% at 5365.85, around 25 points off the day's high of 5390.05.

Meanwhile, the rupee has drifted down a bit and pared some early gains. The Indian currency, which opened at 48.60 to the U.S. dollar, as compared to last week's close of 48.69, was trading around 48.80 earlier this afternoon.

In the equities market, stocks from realty, metal, capital goods and banking sectors are mostly holding a significant part of their morning gains, while power healthcare and information technology stocks are trading off their highs now. Automobile stocks too have given up some gains. Oil stocks are mostly subdued.

Among Sensex stocks, only Tata Power (down 3.4%), GAIL India (down 0.8%), Reliance Industries (down 0.3%) and HDFC Bank (down 0.2%) are trading in negative territory at present.

Sterlite Industries, DLF and State Bank of India are up 3% - 3.5%. Hindalco is trading 2.8% up, while BHEL and Jindal Steel are trading higher by nearly 2.5%.

Larsen & Toubro is up by a little over 2%. Tata Consultancy Services, Cipla, Bajaj Auto, ICICI Bank, Maruti Suzuki and Tata Steel are up 1% - 2%. Sun Pharmaceuticals, Hero Motocorp, Coal India, Tata Motors, Mahindra & Mahindra, Infosys and ITC are also trading firm.

Unitech, up nearly 12%, is the biggest gainer among BSE 'A' Group stocks. Voltas is up almost 8%. Jet Air India, JSW Steel, NMDC, REC, Mangalore Refineries & Petrochemicals, Union Bank of India, Ultratech Cement, Pidilite Industries and HDIL are trading higher by 5% - 6.5%.

Power Finance Corporation is trading 5.7% up at Rs 198. The company has reported standalone net profit of Rs 1107.90 crore and net sales of Rs 3282.35 for quarter ended December 2011.

Indian Hotels, Essar Oil, JSW Ispat, CESC, JP Infratech, Sun TV Network, JSW Energy, Siemens, Ambuja Cements, United Spirits and Central Bank of India are also up sharply.

Thermax, Torrent Pharma, Manappuram Finance, Castrol India, Neyveli Lignite Corporation, Bajaj Finserv and Dr Reddy's Laboratories are the prominent losers in BSE 'A' Group.

India Cements reported standalone net profit of Rs 56.31 crore for the quarter ended December 2011 against Rs 21.47 crore in the same period a year ago. Net sales for December 2011 quarter was at Rs 941.52 crore as compared to Rs 780.99 crore in the same period last fiscal. The stock is up nearly 3% at Rs 96.50 now.

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Jaiprakash Power Ventures Ltd has posted a net profit of Rs 59.52 crore for the quarter ended December 31, 2011 as compared to Rs 22.77 crore for the quarter ended December 31, 2010. Total income increased from Rs 417.70 crore for the quarter ended December 31, 2010 to Rs 181.30 crore for the quarter ended December 31, 2011. The stock is up 1.5% at Rs 45.85 at present.

With several midcap and smallcap stocks trading higher, the market breadth is quite strong at present.

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