Sensex sheds some gains

Last Updated: Fri, Jan 25, 2013 05:38 hrs

The market, which moved up after a listless start, has retreated on finding some resistance at higher levels but holds on in positive territory with select blue chips from automobile, FMCG, healthcare and information technology sectors trading firm.

Capital goods stocks, which rebounded smartly in late afternoon trade on Thursday, opened on a steady note this morning, but have come off their highs due to profit taking. Bank, realty, power and oil stocks are trading mixed, while metal stocks are weak.

The Sensex, which rose to 20,003.57, is now up 41.41 points or 0.21% at 19,923.77. The Nifty index of the National Stock Exchange is up 6 points or 0.1% at 6025.35, off an early high of 6036.35.

Bank of Baroda is trading stronger by over 2.5%. Tata Motors is up 2.2% on bargain hunting after the previous session's setback. Jaiprakash Associates, BPCL, Bharti Airtel, Cipla, Dr Reddy's Laboratories and Punjab National Bank are up 1% - 1.6%.

ICICI Bank, Tata Consultancy Services, Kotak Bank, Maruti Suzuki, ONGC, HCL Technologies and Larsen & Toubro are also up in positive territory.

Ranbaxy Laboratories is trading lower by about 2%. DLF is also down by around 2%. ACC, Tata Power, Ultratech Cement, Ambuja Cements, Tata Steel, Coal India, IDFC, Cairn India, Asian Paints, Reliance Industries, Sun Pharmaceutical Industries and Bajaj Auto are also trading weak.

Biocon Limited has announced that its net profit rose 9% to Rs 92 crore for the third quarter ended 31 December 2012, as compared to the corresponding quarter last year. The company said that total revenues for the third quarter rose 24% to Rs 642.91 crore from the year ago period. The Biocon stock, which rose to Rs 269.80 earlier this morning, is currently trading at Rs 265, up 0.5% from its previous closing price.

SKS Microfinance is trading sharply higher following the company posting a net profit of Rs 1.15 crore in the third quarter ended December 2012. It had recorded a net loss of Rs 427.79 crore in the corresponding quarter last financial year.

Suzlon Energy shares are in demand following an announcement from the company that it has received formal approval from the Empowered Group of Corporate Debt Restructuring Cell for restructuring its domestic debt of about Rs 9500 crore. The stock is up nearly 4% at Rs 18.75 at present.

More from Sify: