Sensex up 58 points, led by metal stocks; Bharti Airtel down 3% on weak results

Stocks, led by those from metal, automobile and capital goods stocks, are trading firm on the major Indian bourses where the mood is fairly positive in early trades this morning thanks to positive global cues.

Select stocks from oil, consumer durables, banking and power sectors are also trading higher. Realty, information technology, FMCG and pharmaceuticals stocks are slighlty subdued.

Expectations that the government will soon start announcing key policy measures to plug the widening fiscal gap and initiate reforms appear to be prompting investors to pick up front line stocks.

The BSE benchmark Sensex, which surged to 17,679.37 after opening at 17,638.53, is currently up 58 points or 0.33% at 17,659.78. The Nifty index of the National Stock Exchange is up with a gain of 18 points or 0.34% at 5354.70, slightly off a high of 5361.40, it had touched a little while ago.

Metal stocks Hindalco (2.8%), Jindal Steel (2.4%), Tata Steel (2%), Sterlite Industries (1.6%) and Coal India (1.3%) are up on strong buying enquiries. SAIL is up with a gain of 1.8% and Sesa Goa is trading 1.4% up.

Automobile majors Mahindra & Mahindra and Tata Motors are up 2% and 1.8%, respectively. Hero Motocorp is gaining 0.8% and Maruti Suzuki is up with a gain of 0.3%, while Bajaj Auto is trading weak.

State Bank of India, BHEL, NTPC, Reliance Industries, Sun Pharmaceutical Industries, Infosys, Larsen & Toubro, HDFC and Cipla are up with notable gains.

BPCL, Reliance Infrastructure, HCL Technologies, Ambuja Cements, Jaiprakash Associates, Grasim Industries, Axis Bank, DLF and Bank of Baroda are all trading notably higher.

Bharti Airtel is trading more than 3% down at Rs 285 following an announcement from the company that its consolidated net profit fell 37.28% to Rs 762 crore on 14% increase in revenues to Rs 19350 crore in the April - June 2012 quarter, as compared to the corresponding period last year.

GAIL India, Tata Consultancy Services, Tata Power, ITC and IDFC are trading lower by 0.2% - 0.8%. ONGC, HDFC Bank and Siemens are down marginally.