Sensex up 77 pts amid cautious trades; Kale Consultants, United Spirits spurt

After a strong start and a subsequent reteat to slightly lower levels, the market holds in positive territory thanks to some strong buying in information technology, metal, PSU and automobile stocks. Select stocks from oil, healthcare and realty sectors too are up in positive territory with impressive gains.

Bank and capital goods stocks, among the top gainers in the previous session, have drifted down a bit after opening on a fairly steady note. Midcap and smallcap stocks are having a good outing this morning.

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The Sensex is up 77 points or 0.45% at 17,072.77. The Nifty is up with a gain of 17 points or 0.35% at 5144.35.

In the currency market, the rupee opened stronger on expectations for continued foreign fund inflows after the central bank signalled a shift in its policy to support growth. In early trades, the rupee was quoting around 50.00 gainst the U.S. dollar, against its previous close of 50.07.

Sterlite Industries, up 2.65% at Rs 114.10, is the top gainer in the Sensex. Tata Motors (2.65) is up sharply as well. Tata Steel, Coal India and Maruti Suzuki are up 2% - 2.3%.

State Bank of India, Tata Consultancy Services, Bharti Airtel, Infosys, HDFC and Reliance Industries are trading higher by 1% - 1.75%. DLF, Hindalco and Mahindra & Mahindra are up with modest gains.

United Spirits, the biggest gainer among BSE 'A' Group stocks at present, is up nearly 9% at Rs 622. Indiabulls Real Estate, Aurobindo Pharma and Sintex Industries are trading stronger by 6% - 6.2%.

GMR Infrastructure, Indraprastha Gas, Neyveli Lignite Corporation, Suzlon Energy, United Breweries, Indian Hotels, Lupin, JSW Ispat, Hindustan Petroleum Corporation, HDIL, Hindustan Copper and Crompton Greaves are up 3% - 4%.

Grasim Industries Limited has posted a 33% rise in its net profit at Rs 669 crore for the quarter ended December 31, compared to Rs 502 crore a year earlier. Net sales grew 17% from Rs 5,461 crore to Rs 6,364 crore. The stock is up 0.6% at Rs 2506.

Patni Computers is up more than 2% at Rs 283.40. The company has reported a consolidated net profit of Rs 200 crore for quarter ended December 2011 as compared to Rs 90.3 crore a quarter ago. Sales were at Rs 997.30 crore as against Rs 889.34 crore in previous quarter, the company announced.

Biocon is trading weak following disappointing results. The company announced that its consolidated net profit of declined to Rs 84.85 crore for quarter ended December 2011, from a net profit of Rs 100.76 crore it had posted in the corresponding quarter last year.Total sales stood at Rs 518.51 crore as against Rs 511.38 crore in the corresponding quarter last fiscal. The stock is down 2.6% at Rs 268.

Kale Consultants is up 16% at Rs 136 following a share buy-back announcement by the company. The company said its board of directors will meet on February 01, 2012 to consider a proposal for buy back of the company's equity shares in accordance with all applicable provisions of laws.

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On Tuesday, the International Monetary Fund downgraded the outlook for global economic growth. The IMF also suggested India be cautious on monetary and fiscal easing because of high levels of inflation and public debt. The IMF cut its economic growth projection for India to 7.4% in calendar year 2011 from the earlier 7.8% and 0.5% - 7% for calendar 2012. In its latest World Economic Outlook, it said it expected weaker global economic growth in both calendar 2011 and 2012 due to expectations of the euro area economy going into mild recession this year. The IMF expects euro area GDP to contract 0.5% in 2012.