Sensex up 58 points; IT stocks move up

Last Updated: Thu, May 02, 2013 04:29 hrs

After a slightly listless start, the Indian market has edged higher this morning with some top notch information technology, banking and capital goods stocks moving up on fairly strong buying support.

Realty, oil, PSU and power stocks are also finding good support. Healthcare, FMCG and automobile stocks are trading mixed. Select midcap and smallcap stocks have moved up sharply.

The BSE benchmark Sensex, which rose to 19,585.98, is currently at 19,561.68, up 57.80 points or 0.3% from its previous close. The Nifty index of the National Stock Exchange is up 21.60 points or 0.36% at 5951.80.

Tata Consultancy Services is up nearly 2% at Rs 1404. Infosys is up with a gain of 1.3% at Rs 2264 and Wipro is up 0.6% at Rs 350.

Larsen & Toubro, State Bank of India and HDFC are up 1.2% - 1.6%. Jindal Steel & Power, HDFC Bank, ICICI Bank, Cipla, Tata Steel, NTPC, Reliance Industries and Dr Reddy's Laboratories are up 0.3% - 1%.

IDFC, up 2.8% at Rs 157.20, is the top gainer in the Nifty index. Ambuja Cements, Reliance Infrastructure, Asian Paints, BPCL, HCL Technologies and ACC are up 1% - 1.6%. Jaiprakash Associates, Kotak Bank, IndusInd Bank, Axis Bank and Ultratech Cement are also trading firm.

Among automobile stocks, Hero Motocorp is up 1.1% at Rs 1663.35 despite the company reporting a 9.5% decline in sales at 4.99 lakh units in April 2013, from the prior corresponding month.

Tata Motors is trading nearly 2% down at Rs 293.60. Maruti Suzuki, Mahindra & Mahindra and Bajaj Auto are down in negative territory with modest losses.

Maruti Suzuki has announced that total sales fell 3.1% to 97,302 in April 2013 over April 2012. Total domestic sales rose marginally by 0.3% to 90,523 in April 2013 over April 2012 and exports tumbled 33.3% to 6,779 during the period, the company said.

While Tata Motors' total sales fell 15% to 51,160 in April 2013 over April 2012, Mahindra & Mahindra reported a 2% rise in total sales to 41,432 in April 2013 over April 2012.

Bharti Airtel declined to around Rs 305 on disappointing results. The stock, despite recovering to Rs 315, is still down in negative territory with a sharp loss of 1.2%. The telecom major has announced that its consolidated net profit as per IFRS fell 49.4% to Rs 509 crore on 9.2% increase in total revenues to Rs 20,448 crore in the January - March 2013 quarter, as compared to the corresponding quarter last year.

Hindalco, Hindustan Unilever, ITC, Sun Pharmaceutical Industries, Tata Power and GAIL India are trading lower by 0.3% - 1%. Cairn India, Bank of Baroda and DLF are also trading weak.

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