The market continues to remain subdued amid lackluster trades today. Buying remains highly stock specific with quarterly results providing the signal. Though results have been fairly encouraging, doubts about a sustained growth of the economy appear to have forced most of the investors on to a defensive mood.
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At 18,099.02, the Sensex is up 21.41 points or 0.12% over its previous closing mark. The Nifty is up 10.05 points or 0.19% at 5440.65.
Automobile stocks are having a nice ride up for the second successive day. Select consumer durables, healthcare, metal, power and capital goods stocks have also posted smart gains.
Oil, realty, bank and information technology stocks are quite subdued. FMCG and PSU stocks too are not seeing any strong buying today. Midcap and smallcap stocks are doing fairly well on the back of some brisk trades since the session commenced this morning.
Mahindra & Mahindra, which remains the top gainer among Sensex stocks, is up by a little over 2% at Rs 652.80. Tata Power, Tata Steel and Cipla are up 1.4% - 1.7% and Tata Motors is up by a little over 1%.
Reliance Infrastructure, Hindalco, Maruti Suzuki, ONGC, Reliance Communications, HDFBA, BHEL, State Bank of India, Jaiprakash Associates and Larsen & Toubro are also trading firm.
Aban Offshore has spurted to Rs 887, recording a handsome gain of 7.6%. The stock is up following an announcement from the company that regarding the insurance claim relating to the sinking of the semi-submersible rig Aban Pearl, the Reinsurers agreed to settle the claim at the assessed insurable value of US$ 235 million. The company said that it has already received approximately 97% of the claim amount and that the balance amount is likely to be received shortly.
Sun TV Network is up more than 4% on strong results. The company has posted a net profit of Rs 1709.50 million for the quarter ended June 30, 2010 as compared to Rs 1198.00 million for the quarter ended June 30, 2009. Total income increased from Rs 3018.80 million for the quarter ended June 30, 2009 to Rs 4517.20 million for the quarter ended June 30, 2010.
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Godrej Industries is trading nearly 4.5% up following sharp jump in earnings. The company's consolidated net profit rose 198% to Rs 48.74 crore on 27.40% rise in net sales to Rs 962.39 crore in the June 2010 quarter over the corresponding period last year.
SpiceJet is also trading nearly 4.5% up. The company's net profit rose 109.64% to Rs 55.22 crore on 34.91% rise in net sales to Rs 707.86 crore in Q1 June 2010 over Q1 June 2009.
