Amid stock specific acticity in cautious trades, the market is up in positive territory with modest gains this afternoon. With no prominent triggers to warrany any strong buying, a section of investors appear to have moved on to the sidelines today.
Also, after two successive days of hefty gains, investors seem none too keen on building up positions for now. Hopes about an extended run of the U.S. Federal Reserve's stimulus plan and a fairly strong inflow of funds from FIIs are aiding the modest surge.
At 20,884.64, the Sensex is now up 33.90 points or 0.16% from its previous close. The Nifty is up 9.30 points or 0.15% at 6198.30.
Realty and capital goods stocks are trading firm. Metal, consumer durables and FMCG stocks are mostly subdued, while bank, oil, information technology, power, automobile and healthcare stocks are trading mixed.
Maruti Suzuki is up 3.2% at Rs 1682. HIndalco, State Bank of India, Bharti Airtel, Jindal Steel & Power, GAIL India, Larsen & Toubro and Infosys are trading higher by 1% - 3%. BHEL, ICICI Bank, HDFC, Reliance Industries, Tata Power and Mahindra & Mahindra are up with modest gains.
Realty stocks Anant Raj, Indiabulls Real Estate, Godrej Properties, HDIL, Unitech, Sunteck Realty, Prestige Estates and Peninsula Land are up 1.5% - 4.5%. DLF and Sobha Developers are trading higher by 1% and 0.7%, respectively.
Among capital goods stocks, Larsen & Toubro is up 1.7% at Rs 992.25. BHEL is up nearly a percent at Rs 141.40. BHEL has announced that it has bagged a main plant package contract worth Rs 1300 crore from NTPC. The company said the scope of work in the contract envisages design, engineering, manufacture, supply and erection and commissioning of steam generator, steam turbine generator and their auxiliaries; electrics and switchyard with associated civil works along with controls & instrumentation.
Punj Lloyd is trading nearly 4% up. ABB, Sadbhav Engineering, FAG Bearings, Welcorp and Bharat Electronics are up 1% - 2.5%.
Meanwhile, in an interview to a private channel, the Chairman of Primer Minister's Economic Advisory Council, C Rangarajan said the economy is likely to grow 5.3% this fiscal and as of now there is no reason to lower that estimate. He said current account deficit for this fiscal is likely to be US$55 billion. Recently, the RBI governor Raghuram Rajan had estimated the figure at US$56 billion.