After initial jitters, the Indian stock market has edged higher today with investors indulging in some selective buying at a few front line counters. Still, with the parliament set to debate the FDI in retail issue and other crucial reforms, the mood is somewhat cautious at present.
The Sensex is now up 28.53 points or 0.15% at 19,333.85, while the Nifty is up 9.10 points or 0.16% at 5880.05.
Jindal Steel & Power, Ranbaxy Laboratories, BPCL and IDFC are up 2% - 2.4%. State Bank of India (1.8%) and State Bank of India (1.8%) are up sharply, and contributing substantially to the market's gains.
Jaiprakash Associates is up nearly 2.5%. According to reports, Jaipraksh Associates and Jaiprakash Power Ventures have received final forest clearance for coal block in Madhya Pradesh. “The Government of India, Ministry of Environment and Forest (MoEF) has accorded the second stage (final) forest clearance in respect of the Amelia (North) coal block in Sidhi district of Madhya Pradesh for diversion of 728.750 hectares of forest land for coal mining,” Jaiprakash Associates said in a statement. Jaiprakash Power Ventures shares are also up sharply in positive territory.
DLF, Power Grid Corporation and Bank of Baroda are trading higher by 1.5% - 1.8%. ONGC, BHEL, ICICI Bank, Bajaj Auto and Lupin are also trading notably higher.
Larsen & Toubro is reportedly setting up one of the largest residential projects in Mumbai. The project measures up two million square feet over 20 acres of vacant land on its Powai campus in Mumbai. The L&T stock is currently trading 0.4% down at Rs 1660.
Aviation stocks SpiceJet, Kingfisher Airlines and Jet Airways are seeing some brisk buying today following a reduction in aviation fuel prices.
On the economic front, the HSBC Purchasing Managers’ Index, which measures factory activity, jumped to a five-month high of 53.7 points in November from 52.9 in October.
Market Economics stated that PMI has remained above 50, below which is the contraction zone, for more than three years now. The robust numbers in November were attributed to strong growth in new orders by Markit Economics.
In the currency market, the rupee drifted down to 54.92 in early trades, losing 15 paise, on increased demand for the dollar from oil importers and banks.
On Monday, the partially convertible Indian currency had ended at 54.77, recording a loss of 51 paise.