The Indian stock market opened on a firm note on Friday with investors indulging in some bargain hunting in early trades, following recent sharp losses. A steady trend in Asian markets too aided sentiment at the start.
However, with the mood turning cautious amid worries about corporate earnings and near term economic outlook, the market has pared most of its gains and is currently trading just marginally up in positive territory.
The BSE benchmark Sensex, which advanced to 19,907.45 in opening trades, tumbled to 19,798.68 and is currently at 19,822.77, up just 18.01 points or 0.09% from its previous close.
The Nifty index of the National Stock Exchange, which eased to 5913.70 after rising to 5944.50, is up 14 points or 0.24% at 5921.50 at present.
Oil, capital goods, realty, healthcare and metal stocks surged up smartly, but have given up some gains in subsequent trades. Bank stocks too have come off their highs.
Select PSU, consumer durables and automobile stocks are trading higher, while information technology stocks are mostly subdued. FMCG stocks are trading weak once again.
Sterlite Industries is up nearly 2% at Rs 81.90, as proposed merger of the company with Sesa Goa and Vedanta Group consolidation and simplification received the approval of the High Court of Madras on 25 July 2013.
Sun Pharmaceutical Industries, ONGC, Mahindra & Mahindra, Hero Motocorp, Larsen & Toubro, BHEL, Tata Steel, Jindal Steel & Power, NTPC, ICICI Bank and State Bank of India are trading higher by 1% - 1.8%.
Bajaj Auto, Cipla, GAIL India, HFC, Tata Power and Infosys are up with modest gains.
Bank of Baroda, IDFC, Ambuja Cements, BPCL, DLF, Reliance Infrastructure, Cairn India, Axis Bank, Sesa Goa, IndusInd Bank, Kotak Bank, Jaiprakash Associates, Asian Paints and HCL Technologies are up 1% - 2.3%.
Biocon is up more than 4.5% at Rs 313 on strong results. The company has posted a net profit of Rs 86.46 crore for the quarter ended June 30, 2013 as compared to Rs 68.84 crore for the quarter ended June 30, 2012. Total income increased from Rs 469.27 crore for the quarter ended June 30, 2012 to Rs 568.78 crore for the quarter ended June 30, 2013.
FMCG heavyweights Hindustan Unilever and ITC are trading lower by 4% and 1.6% at Rs 660 and Rs 353.35 respectively. Coal India, Tata Motors, Tata Consultancy Services, HDFC Bank, Bharti Airtel and Grasim Industries are down with marginal losses.