Shrugging off weak global cues, the Indian stock market is trading higher this morning with investors indulging in some selective buying in a few front line stocks. Gains, however, are just modest with stocks finding support hard to come by at higher levels.
Capital goods, healthcare, power, realty and FMCG stocks figure in the gainers list, while metal, bank, automobile and consumer durables stocks are mostly subdued. A few stocks from oil, PSU and information technology sections have edged higher.
The BSE benchmark Sensex, which declined to 18,691.61 in early trades, is now up 50.85 points or 0.27% at 18,782.01. The Nifty index of the National Stock Exchange is up 16.35 points or 0.29% at 5705.05, off an early low of 5681.85.
Telecom stock Bharti Airtel is up 3% at Rs 294.80. BPCL, Ranbaxy Laboratories, Larsen & Toubro, NTPC, HDFC, Sun Pharmaceutical Industries, BHEL, GAIL India, DLF and ITC are trading higher by 1% - 2%.
Lupin is up 0.6% at Rs 678 following an announcement from the company that a US court has ruled in its favour paving the way for the company to introduce a generic version of Bayer AG's Yaz tablets, an oral contraceptive, in the American market.
HCL Technologies, which drifted lower in the previous session despite strong results, is up in positive territory with a gain of about 0.8%. Tata Motors, IndusInd Bank, Hindustan Unilever, Kotak Bank, Tata Power, Asian Paints and Mahindra & Mahindra are up with modest gains.
Tata Consultancy Services declined to around Rs 1428 in early trades, but has recovered to Rs 1449 now. At its current price, the stock is down by a little over half a percent from its previous closing mark.
Tata Consultancy Services announced after trading hours on Wednesday that its consolidated net profit rose 1.9% to Rs 3616 crore on 2.2% growth in revenue to Rs 16,430 crore in the January - March 2013 quarter, from the previous quarter ended December 2012. For the year ended March 2013, TCS' net profit jumped 33.6% to Rs 13,917 crore on 28.8% growth in revenue to Rs 62,989 crore, over the year ended 31 March 2012.
Hero Motocorp is trading lower by 1.5%. NMDC, Axis Bank, Jaiprakash Associates, ONGC, Ambuja Cements, Cairn India, Reliance Infrastructure and ICICI Bank are down 0.5% - 1%.