The Indian stock market edged higher this morning with investors indulging in some selective buying, shrugging off weak global cues. However, with near term economic outlook remaining quite uncertain, gains are not much pronounced as of now.
While stocks from oil, healthcare, power and information technology stocks are edging higher, those from consumer durables, automobile, capital goods, banking and FMCG sectors are a bit subdued.
The BSE benchmark Sensex, which rose to 18,882.21 in early trades, is currently up by around 41 points or 0.22% at 18,865.05.
The Nifty index of the National Stock Exchange is up 16.20 points or 0.28% at 5735, slightly off a high of 5738.25 it touched a little while ago.
Mahindra & Mahindra , Reliance Industries , Dr Reddy's Laboratories and Cipla are up 1% - 1.4%.
ONGC, Hindustan Unilever, Tata Consultancy Services, Maruti Suzuki, HDFC, Coal India, Sun Pharmaceutical Industries, Tata Power, Tata Steel, Hindalco and Bharti Airtel are also trading in positive territory.
Jindal Steel & Power is trading 2.4% down at Rs 425. Hero Motocorp is down 1.2% and ITC is trading lower by 1.1%. Tata Motors, Larsen & Toubro, State Bank of Inda and HDFC Bank are also trading weak.
Bajaj Auto is down with a loss of 0.7% at Rs 1798. On Tuesday, the company said that its total sales declined 14% to 3.6 lakh units in September 2012 over September 2011, due largely to sluggish market conditions. The company's motorcycle sales declined 15% to 3.15 lakh units in September 2012 over September 2011.
The company said its Pulsar and Discover brands contributed 64% of motorcycles sales in September 2012. The new Pulsar 200 NS and Discover 125 ST had sales of about 9,000 and 35,000 units respectively in September 2012. Commercial vehicle sales declined 4% to 44,838 units in September 2012, as compared to September 2011 and total exports declined 6% to 1.33 lakh units in September 2012 over September 2011.
Jaiprakash Associates is up nearly 2% at Rs 87.65. IDFC , Ambuja Cements , HCL Technologies , Dr Reddy's Laboratories , BPCL , Reliance Infrastructure , Siemens and Punjab National Bank are up 0.7% - 2%.