Sensex up 65 pts; Tata Motors gains 4.5% on rating upgrade

Last Updated: Wed, Jan 09, 2013 05:41 hrs

The market, which opened higher this morning, despite weak global cues, continues to trade in positive territory thanks to some strong buying in a few front line stocks from across various sectors.

The overall mood, however, is a bit cautious with investors playing it somewhat safe ahead of the reporting season.

The Sensex is up 65.09 points or 0.33% at 19,807.61 at present. The Nifty index of the National Stock Exchange is up 14.40 points or 0.24% at 6016.10.

Automobile stocks are among the top gainers this morning. Shares from realty,healthcare, oil an capital goods sectors too are trading firm. A few stocks from banking, power and information technology sectors are also up in positive territory. Metal, consumer durables and FMCG stocks are trading slightly weak.

Tata Motors is up more than 4.5% at Rs 328.60 following a rating upgrade of the stock by research firms CLSA and Credit Suisse. While, CLSA has upgraded Tata Motors from "buy" to "outperform", Credit Suisse has upgraded the stock to "outperform" from "underweight".

Mahindra & Mahindra has gained 1.3% and Maruti Suzuki is up with a modest gain of 0.4%. However, Bajaj Auto and Hero Motocorp are down in negative territory with marginal losses.

GAIL India, Cipla, Bharti Airtel, BPCL, State Bank of India, Punjab National Bank, DLF, Sun Pharmaceutical Industries, HCL Technologies, ONGC, Reliance Industries, Siemens, Hindalco, Ranbaxy Laboratories, Bank of Baroda, Larsen & Toubro, Sesa Goa and Infosys are up 0.5% - 1.5%.

Meanwhile, Ultratech Cement, ITC, HDFC, Axis Bank, Tata Steel, Asian Paints, Tata Consultancy Services, Wipro and NTPC are trading weak.

Chemfab Alkalis has vaulted 18% following the company reporting over two-fold jump in net profit at Rs 6.86 crore for the third quarter ended December 2012 on the back of higher sales. The company had profit of Rs 2.81 crore during the previous quarter.

EPC Industries Limited shares jumped more than 8% this morning. The company had posted a gain of 10% in the previous session, following an announcement that Reliance Net has acquired more than 5% stake in the company via open market transaction on Tuesday.

Unitech (2.2%), United Spirits (1.8%), HDIL (3.5%) and Jet Airways (3%) have moved up sharply on impressive volumes.

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