Sensex up 51 points amid cautious trades; Wockhardt plunges again

Last Updated: Fri, May 24, 2013 08:27 hrs

The market is moving in a tight range this afternoon with investors mostly staying on the sidelines amid a lack of a triggers. Healthcare and information technology continue to trade weak, even as stocks from capital goods, metal and power sectors are trading higher.

Bank stocks, which retreated after a firm start, have forced their way up again on finding decent support. Realty and consumer durables stocks are also edging higher, while oil and automobile stocks are trading flat.

At 19,725.50, the Sensex is now up 51.17 points or 0.25% from its previous close. The Nifty is up with a gain of 24.50 points or 0.41% at 5991.55.

Tata Steel is up 4.3% thanks to sustained buying at the counter, despite the company's earnings falling short of expectations. Larsen & Toubro is up nearly 3%. Tata Power is trading higher by 2.8% and ICICI Bank is up with a gain of 2.2%.

Jindal Steel & Power, Maruti Suzuki, Coal India, Mahindra & Mahindra, NTPC, Sterlite Industries, Dr Reddy's Laboratories and Reliance Industries are also trading notably higher.

Sun Pharmaceutical Industries is down 2.7% following its subsidiary Taro Pharma reporting weak earnings for the January - March 2013 quarter. BHEL is down with a loss of 2.4%. Cipla, Tata Consultancy Services, ONGC, GAIL India, Tata Motors, Bharti Airtel, Wipro, Bajaj Auto and Hero Motocorp are down 0.6% - 1.8%.

Wockhardt is down more than 10% at Rs 1174 on heavy selling at the counter. On the National Stock Exchange, the Wockhardt counter has clocked a volume of over 3.16 million shares, valued at over Rs 360 crore. The stock had plunged 20% on Thursday, following the US drug regulator imposing an import alert on medicines manufactured at the company's plant at Aurangabad in Maharashtra afer the plant failed a safety inspection.

McNally Bharat Engineering Company Ltd has informed BSE that the Company has received an order for construction of a portion of 4 laning of National Highway at a value of Rs. 277 crores. The contractual completion period is within 22 months. The stock is up 1.5% at Rs 71.20.

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