With profit taking wiping off some gains, the market has come off its higher levels in mid afternoon trade today. Still, thanks to fairly sustained buying in some blue chips from capital goods, metal and information technology sectors, the key indices Sensex and Nifty remain in positive territory with notable gains.
Oil, PSU and power stocks are among the other notable gainers. Bank stocks have come off their highs. Automobile and healthcare stocks are trading mixed, with quite a few of them hovering around their previous closing levels. Consumer durables and healthcare stocks are trading weak.
Besides hopes of a rate cut later this month, expectations that the economy will recover and GDP will see a signficant growth by 2015, appear to be keeping investor sentiment somewhat upbeat today.
The Sensex, which declined to around 19,196, is currently at 19,233.33, up 90.16 points or 0.47% from its previous close. The Nifty is up 30 points or 0.52% at 5814.25.
Jaiprakash Associates is up 4.8% thanks to sustained buying at the counter. IDFC, DLF, Sesa Goa, Bank of Baroda, Hindalco, Larsen & Toubro, Tata Steel, Cairn India, BHEL and Siemens are up 2% - 4%.
Tata Motors, Wipro, Ranbaxy Laboratories, Punjab National Bank, Infosys, HCL Technologies, State Bank of India, ONGC, Tata Consultancy Services, Reliance Infrastructure and ICICI Bank are also trading notably higher.
Meanwhile, Mahindra & Mahindra, Hindustan Unilever, ITC, Ambuja Cements, Maruti Suzuki, BPCL, Power Grid Corporation, GAIL India, NTPC, HDFC Bank and HDFC are down in negative territory with sharp to moderate losses.
With several midcap and smallcap stocks trading firm, the market breadth is quite strong this afternoon. On BSE, 1671 stocks are up in positive territory, while 1040 stocks are trading weak. 129 stocks are currently hovering around their previous closing levels.