Despite an upbeat start that resulted in the Sensex breaching the coveted 20,000 mark in early trades, the market has been struggling to make a significant move up north today, having retreated within minutes of crossing the landmark figure.
With no fresh triggers around, investors appear a bit wary of holding positions at higher levels, and instead, are seen taking some profits at every small rise in values.
At 19,935, the Sensex is up 28.59 points or 0.15% from its previous closing mark. The Nifty is up 17.25 points or 0.29% at 6041.30.
Realty stocks are finding some support, amid hopes of a rate cut from central bank later this month. FMCG and automobile stocks are also finding modest support. Information technology stocks, which opened on a firm note, have given up their gains.
Bank, capital goods and healthcare stocks are trading mixed. Metal, oil and power stocks are quite subdued amid lackluster moves.
Telecom stock Bharti Airtel, up 3.5%, is the top gainer in the Sensex at present. ITC is up 1.8%, Tata Consultancy Services is trading 1.6% up, Maruti Suzuki is up 1.2% and Bajaj Auto is trading higher by a little over 1%.
SpiceJet rose to Rs 47.80 on reports that the company is in talks with some foreign carriers, for a stake sale. Some sources say that Gulf carrier Qatar Airways is the most likely suitor.
HCL Infosystems is up 5.5% at Rs 41.50 following an announcement from the company that it s board has approved the business restructuring. “The company will transfer its hardware solution business to a wholly owned subsidiary HCL System Integration, learning business to HCL Learning and services business to HCL Care, while the company will merge HCL Infocom, a wholly owned subsidiary with the company,” HCL Infosystems said in a statement.
South Indian Bank is trading 3% up. The bank has reported a 25.4% surge in net profit at Rs 1.28 billion for the quarter ended Dec. 31, 2012 as compared to Rs 1.02 billion for the same quarter last year. Total income rose 18.98% to Rs 11.94 billion for the quarter ended Dec. 31, 2012 from Rs 10.04 billion in the year ago period. Net NPA was at Rs 1966.2 million for the quarter ended Dec. 31, 2012, as compared to Rs 581.3 million for the quarter ended Dec. 31, 2011, representing an increase of 3.38 times.