The market, which faltered into the red after a buoyant start, has rebounded smartly and is currently back in green thanks to some strong buying in banking, realty and information technology stocks.
Select stocks from consumer durables, power and metal sectors too have edged higher after a slightly weak spell. Healthcare, FMCG and automobile stocks are mostly subdued despite trading off their lows. Oil and capital goods stocks are trading mixed. Midcap and smallcap stocks are edging higher on strong buying enquiries.
The Sensex, which rallied past 17,050 after falling to 16,893, is now at 16,991, up 30.76 points or 0.2% over its previous closing mark. The Nifty is up 8.55 points or 0.17% at 5107.95, more than 30 points off the day's high of 5078.25.
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According to the data released by the government today, the annual rate of inflation in the food space decreased at the start of October while inflation in the fuel group surpassed the 15% mark.
Annual inflation in the Food Articles group fell to 9.32% in the week ended October 1 versus 9.41% in the preceding week, the Commerce & Industry Ministry said in a statement today. It was at 17.14% in the corresponding period of last year.
Inflation in the Primary Articles group fell to 10.60% in the week under review, from 10.84% in the week ended September 24, the data revealed. It was at 19.65% in the year-ago period. Inflation in the Fuel & Power group rose to 15.10% in the week ended October 1, up from 14.69% in the previous week. It was at 11.14% in the comparable week of the previous year.
ICICI Bank, the top gainer in the Sensex, is up 3.3% at Rs 888. State Bank of India has gained 2.7% and 1923 and HDFC Bank, the other bank stock in the Sensex, is up with a gain of 1.6% at Rs 475.
Yes Bank, Union Bank of India, Canara Bank, Kotak Bank and Bank of India are among the other prominent gainers in the Bankex. Punjab & Sind Bank, Syndicate Bank, Allahabad Bank, Corporation Bank, State Bank of Bikaner & Jaipur, Dena Bank, J&K Bank and State Bank of Mysore, which are not part of the Bankex, are also trading notably higher.
Sterlite Industries, DLF and Tata Consultancy Services are up 2% - 2.3%. Tata Steel is up nearly 2%. Infosys, BHEL, Reliance Industries and Wipro are up 0.6% - 1%. Cipla and Bajaj Auto are also trading firm.
Manappuram Finance, Chambal Fertilizers & Chemicals, Crisil, United Spirits, Dish TV India, Rashtriya Chemicals & Fertilizers, Adani Power, LIC Housing Finance, Jet Air India, Voltas, ING Vysya Bank and HCL Technologies are up 3% - 5.5%.
Coal India is trading lower by over 2% at Rs 332. The stock is down following the coal ministry agreeing to the power ministry's demand to divert a part of the coal currently being sold through e-auction to the power sector.
Hindalco, Jindal Steel, Maruti Suzuki, Bharti Airtel, Hindustan Unilever, Tata Power and Sun Pharmaceuticals are down 1% - 1.5%. ITC, NTPC, ONGC, Tata Motors and Larsen & Toubro are also trading weak.
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ARSS Infrastructure Projects Ltd shares are up 1.2% at Rs 360 following an announcement from the company that it has been awarded with a work order from the Executive Engineer, Phulbani (R& B) Division, Phulbani, vide their Letter dated October 01, 2011 for Improvement to Jagannathpur - Berhampur Phase - 1 road (SH-7) from 112/0 Km to 117/0 Km as a part of Vijaywada - Ranchi Corridor under Central Road fund 2010-11. The order is worth around Rs 18.76 crore.
Praj Industries has reported a net profit of Rs 20.53 crore for quarter ended September 2011 as against Rs 8.90 crore in the same quarter a year ago. Total income rose to Rs 228.90 crore as compared to Rs 108.77 crore in the corresponding quarter last fiscal. The stock is up 1.8% at Rs 82 at present.
Development Credit Bank shares are up 8.4% at Rs 44.10 on strong results. The bank has reported an almost three-fold jump in net profit at Rs 13 crore for the quarter ended September 2011, as against Rs 5 crore in the same period last year, on back of good growth in advances and lower provisions.