Sensex up 55 points; Pharma stocks edge higher

Last Updated: Wed, Feb 19, 2014 04:20 hrs

The Indian stock market is up with modest gains in early trades, with investors indulging in some selective buying in capital goods, information technology and healthcare sectors. Bank, automobile and realty stocks are a bit subdued in opening trades.

The BSE benchmark Sensex is up 55 points or 0.26% at 20,689.21. The Nifty index of the National Stock Exchange is up 12 points or 0.2% at 6139.10.

BHEL is trading higher by over 1.5% at Rs 152. Infosys, State Bank of India and GAIL India are up more than a percent. Wipro, Tata Consultancy Services, Sun Pharmaceutical Industries, Dr Reddy's Laboratories, Cipla, Coal India, Hindalco, Larsen & Toubro, Axis Bank, Reliance Industries and Mahindra & Mahindra are up 0.5% - 1%.

Hero Motocorp is trading marginally up at Rs 1980. Hero MotorCorp announced after trading hours on Tuesday that it has cut prices of vehicles, passing on the entire benefit of the excise duty cut to customers. The company has spread out the price cut across the product portfolio ranging from 2% going up to 5% with the maximum reduction being Rs 4500.

Ranbaxy Laboratories, up nearly 2% at Rs 358, is the top gainer in the Nifty index. Bank of Baroda, Punjab National Bank, IndusInd Bank, Ultra Tech Cement and Ambuja Cements are also trading notably higher.

Jindal Steel & Power, which had a good outing on Tuesday, is down 1.8% at Rs 248 on profit taking. HDFC, Tata Steel, Tata Motor, NTPC, Power Grid Corporation and HDFC Bank are trading lower by 0.5% - 1%.

Financial Technologies has risen sharply amid speculation Tech Mahindra is likely to buy a sizeable stake in the company. The Financial Technologies stock is currently trading nearly 3% up at Rs 320.

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