Notwithstanding some selling in a few front line stocks, the market, which moved up sharply after a firm start this morning, remains well entrenched in positive territory with strong gains now. A fairly steady trend in most of the markets in the Asian region amid hopes of a bailout for the debt-ridden Ireland appears to have prompted investors to go in for some buying this morning.
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Heavy short-covering at several front line counters ahead of derivatives expiry is also contributing to the surge. Information technology, consumer durables and oil stocks are among the prominent gainers.
Bank, FMCG, realty and metal stocks are off their early highs. Automobile and capital goods stocks too have shed most of their gains. Healthcare and PSU stocks are quite subdued at present. Midcaps have given up most of their gains, while a few smallcap stocks trade firm on sustained buying interest.
At 19,680, nearly 100 points off the day's high of 19,788.09, the Sensex is up 94.56 points or 0.48% at present. The Nifty, which rose to 5949.70, is now up 27.05 points or 0.46% at 5917.35.
Bharti Airtel, the top gainer in the Sensex now, is up 2.4%, extending its recent gains on strong buying support. Wipro has notched up a gain of 2.3% at Rs 410.80. Tata Power is up nearly 2%. Infosys Technologies (1.9%), Jaiprakash Associates (1.9%), ACC (1.5%), Tata Steel (1.35%), Tata Motors (1.3%) and Reliance Industries (1%) are also up with smart gains.
DLF, Hindalco, HDFC Bank, Hero Honda, Jindal Steel, HDFC, ICICI Bank, State Bank of India, Hindustan Unilever and Tata Consultancy Services are up 0.5% - 0.8%. ONGC and ITC are up marginally. Reliance Communications, which opened on a firm note after recent big losses, has shed most of its gains and is up just marginally at present.
Hindustan Copper has gained nearly 5%. Jain Irrigation Systems, IRB Infrastructure, Cairn India, Canara Bank, Hindustan Construction, GVK Power, REC, Lanco Infratech, Mahindra & Mahindra Financial Services, Titan Industries, Indiabulls Financial Services, IndusInd Bank and IDFC are also up sharply on strong buying enquiries.
Mahindra & Mahindra, Sterlite Industries and Reliance Infrastructure are trading lower by 1.3% - 1.9%. Maruti Suzuki, BHEL, NTPC, Cipla and State Bank of India are also trading weak.
Sun Pharmaceutical Industries shares tumbled to Rs 2148 after the company lost an opportunity to launch the generic version of a schizophrenia drug that had generated revenue of $4 billion in the United States market in 2009. The stock has recovered some lost ground subsequently, but at Rs 2178, still remains in the red with a sharp loss of 1.65%.
The company, with some other generic drug majors, lost a patent battle against Japanese drug major Otsuka and its US business partner, Bristol Myers Squibb (BMS), last week. A favourable decision in this regard would have seen the company launching a low-cost version of Abilify (aripiprazole), during the year. The district court of New Jersey had ruled last week that Abilify had patent protection and exclusive marketing rights till 2015.
Coromandel International has tumbled to Rs 570, recording a loss of over 10%. Rashtriya Chemicals & Fertilizers is down nearly 5%. DB Realty, National Fertilizers, IDBI Bank, Educomp Solutions, Sun TV Network, Bharat Forge and Apollo Tyres have also declined sharply.
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Zensar Technologies is up nearly 2% on reports the company's subsidiary Zensar Technologies Inc, has entered into definitive agreements to acquire PSI Holdings Group Inc. a limited liability company Incorporated in Massachusetts, USA and its wholly owned subsidiaries namely (i) Akibia, Inc. (ii) Aquila Technology Corp; and (iii) Akibia B.V (hereinafter collectively referred to as "AKIBIA "). AKIBIA is active in the area of Infrastructure Management Services in North America and Europe and provides IT services in Data Centre management and Network Security solutions.