The market has rallied into positive territory this afternoon on some strong buying in automobile, realty, power and select bank and information technology stocks, after languishing in the red for over three hours.
The Sensex is now up 30.03 points or 0.15% at 20,241.96, well off the day's low of 20,076.10. The Nifty, which had declined to 5962.05 earlier in the day, is currently at 6010.80, up 9.90 points or 0.16% from its previous close.
Ranbaxy Laboratories has gained over 6% at Rs 341.65 following the company reporting better than expected quarterly results. Ranbaxy Laboratories has posted a consolidated net loss of Rs 158.94 crore for the quarter ended 31 December 2013, as against a net loss of Rs 492.44 crore it had reported for the corresponding quarter last year. Total income increased from Rs 2787.89 crore for the quarter ended December 2013, to Rs 2929.23 crore in the prior corresponding quarter.
DLF is up 3.3% at Rs 139. Tata Steel is up by a little over 3% at Rs 353.50. Tata Motors and Mahindra & Mahindra are trading higher by around 2.5% at Rs 354.70 and Rs 875, respectively.
Coal India, NMDC, Hindalco, NTPC, Power Grid Corporation, HDFC Bank, Wipro, Tata Consultancy Services, IDFC, IndusInd Bank, Bajaj Auto and ACC are up 1% - 2.5%.
State Bank of India, ONGC, Jindal Steel & Power, Hero Motocorp and Infosys are off their lows and are currently trading in positive territory with modest gains.
BHEL, ITC, HCL Technologies, Jaiprakash Associates, Maruti Suzuki, Bharti Airtel, Grasim Industries, Sesa Sterlite, ICICI Bank, HDFC and Punjab National Bank are down with sharp to moderate losses.
SKS Microfinance shares are trading nearly 2% up following the company issuing a profit guidance of Rs 125 crore for financial year 2015. On Tuesday, the company announced plans to raise growth capital of upto Rs 400 crore next financial year, with a maximum dilution of 20%.