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Sensex up 114 points as mood remains bullish; Sun Pharma gains on drug approval

Source : SIFY
Last Updated: Wed, Apr 17, 2013 07:20 hrs
People watch a large screen displaying India's benchmark share index on the facade of the BSE building in Mumbai

The market, which shrugged off a setback and rebounded smartly in mid morning trade, remains fairly well placed in positive territory now thanks to sustained buying in several blue chip stocks from metal, banking, realty, FMCG, pharmaceuticals and automobile sectors.

Stocks from power and capital goods sectors too are trading higher. Information technology and oil stocks are trading weak. After a slightly cautious start, midcap and smallcap stocks have moved higher on strong buying support.



The mood is fairly bullish on the bourses today, thanks largely to a firm trend in global markets and the recent data on inflation.

The Sensex is up with a gain of 113.63 points or 0.61% at 18,858.56. At 5732, the Nifty is now up 43.05 points or 0.75% from its previous close.

Sun Pharmaceutical Indusries, Sesa Goa and Mahindra & Mahindra are up 3.3% - 4% now. Sun Pharmaceutical Industries has announced that it has received a tentative approval from the US drug regulator for generic version of Januvia.

ICICI Bank, Ambuja Cements, State Bank of India, Punjab National Bank, Coal India and DLF are up 2% - 2.8%.

Bank of Baroda, Axis Bank, Bajaj Auto, GAIL India, ACC, Lupin, ITC, NTPC, HDFC, Kotak Bank, IndusInd Bank, HDFC Bank, Maruti Suzuki, Tata Steel, ONGC and BHEL are also trading notably higher.

Reliance Industries is down with a loss of 2.8%. The stock is down despite the company reporting a 32% surge in net profit. Lower revenue appears to be dragging the stock down. Tata Consultancy Services is down 1.5%. HCL Technologies, which got off to a buoyant start on impressive results, has declined on profit taking and is currently trading 1.3% down from its previous closing price.

Ranbaxy Laboratories Ltd has informed that alongwith Daiichi Sankyo, it has launched hybrid business in Brazil to expand business of both companies. The stock is currently trading lower by nearly a percent.

Infosys, Tata Power, Dr Reddy's Laboratories and NMDC are also trading weak.

Yes Bank Ltd shares are up 3.5% at Rs 485 on strong results. The bank has posted a net profit of Rs 362.15 crore for the quarter ended March 31, 2013 as compared to Rs 271.80 crore for the quarter ended March 31, 2012. Total income increased from Rs 2051.45 crore for the quarter ended March 31, 2012 to Rs 2667.03 crore for the quarter ended March 31, 2013.

HMT spurted more than 15% this morning on reports the government is mulling Rs 1,000 crore revival plans for the company. According to reports, the proposal involves cash infusion of around Rs 450 crore and non-cash assistance of around Rs 630 crore.

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