Sensex set to end flat; Tata Power, Grasim rule firm @ 15:06 hrs

Buying remains stock specific on the major Indian bourses this afternoon amid mixed cues from global markets. Pharmaceuticals stocks are the star performers today, followed by a select few from realty and oil sectors.

Bank stocks had their moments, but most of them are currently seen struggling to hold their gains. Power, FMCG and PSU sectors see stock specific action. Information technology and metal stocks are exhibiting weakness.

The Sensex, which had drifted down to 17,636.71 earlier this afternoon, has recovered to 17,700.65, netting a small gain of 14.41 points or 0.08%.

The Nifty index of the National Stock Exchange is up 0.08% or 4 points at 5281.90, around 22 points off the day's low of 5260.05.

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Midcap and smallcap stocks are up on modest support. The market breadth is neutral at present. Interestingly, honours are even in almost all groups this afternoon.

Tata Power is up nearly 5% at Rs 1478. Grasim Industries has gained around 3.25%. DLF is up with a gain of 2.2%. Mahindra & Mahindra is trading higher by 2%, while index heavyweight Reliance Industries is up by around 1.65%. ONGC and Sun Pharmaceuticals are up 1% over their previous closing levels.

Cipla rules firm with a strong gain of 4.4%. IDFC, Ranbaxy Laboratories, Siemens, Idea Cellular, Unitech, Reliance Capital and Power Grid Corporation are also trading firm.

Maruti Suzuki has lost 3.15%. Hindalco, which ended on a strong note yesterday, is down with a loss of 2.45%. Tata Consultancy Services, Reliance Infrastructure, Wipro, Jaiprakash Associates, Hero Honda, Infosys Technologies and Tata Steel are trading lower by 1% - 2.25%.

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Among midcap stocks, Tata Investment has spurted 10.25%. IBN 18, McLeod Russel, Anant Raj Industries, Financial Technologies, BOC India, Phoenix Mills, Thomas Cook, Dena Bank, TV 18, India Bulls Financial Services, Carborundum Universal, Glaxo Smithkline Consumer Healthcare, Biocon, Gujarat Gas, Tulip Telecom, Shree Renuka Sugars, Monsanto, Thermax, Crisil, Piramal Healthcare, REI Agro and Shree Cement have gained 4% - 7.5%.