Amid altenates bouts of buying and selling in front line stocks, the market is holding on in positive territory in late morning trade today.
Realty stocks are in demand, and mirroring strong gains posted by some top stocks in that space, the BSE Realty index has spurted nearly 2% now. Shares from PSU banking, oil, capital goods, power and healthcare sectors are among the other notable gainers.
Automobile, FMCG and metal stocks are trading mixed, while information technology and consumer durables stocks are trading weak.
The Sensex is now up 40 points or 0.2% at 19,508.15, around 25 points off the day's high of 19,533.36 and the Nifty index of the National Stock Exchange is up with a gain of 10.40 points or 0.18% at 5897.80, slightly off the day's high of 5903.40.
Housing finance stock HDFC, up 1.6% at Rs 824, is the top gainer in the Sensex at present. Hindustan Unilever is up 1.5% at Rs 469. Larsen & Toubro, Tata Steel, Sun Pharmaceutical Industries, NTPC, State Bank of India, HDFC Bank, Reliance Industries, ONGC and Hindalco are up 0.5% - 1%.
DLF, the realty space heavyweight, is up nearly 4% at Rs 258.70. HDIL has notched up a gain of 2.7% and Anant Raj Industries is trading 2.2% up. Godrej Properties, Sobha Developers, Oberoi Realty and Parsvnath Developers are up with modest gains.
Cairn India has announced that it has won approval to drill exploration wells on the prolific Rajasthan block. This is likely to result in lifing output to around 215,000 barrels per day by March 2014. Shares of Cairn India are currently trading at Rs 307.50, up more than a percent from its previous close.
Jet Airways is trading lower by nearly 6% at Rs 586 on heavy selling at the counter following reports that Etihad Airways is likely to revise its deal to buy a stake in the company. According to reports, Etihad chairman has said it needed to revise the deal to buy a stake in the Indian airliner and that it was too soon to fix a time for signing the final agreement.
Glaxosmithkline Pharmaceuticals announced on Friday that its net profit rose nearly 18% to 69.65 crore on 17.8% surge in sales to Rs 709.07 crore in the October - December 2012 quarter. The pharma stock is up 0.5% at Rs 2106 at present.
JP Infratech, GMR Infrastructure, Berger Paints, Tata Communications, IRB Infrastructure, JSW Energy, Nalco, Lanco Infratech, Adani Enterprises, Suzlon Energy, Opto Circuits, United Breweries and Jaiprakash Associates are also up with strong gains.