Capital goods, oil and bank stocks are among the notable gainers on the major Indian bourses where the mood remains fairly bullish this afternoon. Select stocks from automobile, realty and power sectors are also trading higher.
Information technology stocks, which opened on a slightly weak note, continue to remain subdued. Healthcare, metal and FMCG stocks are mostly trading flat. Buying is somewhat selective in midcap and smallcap segments.
The Sensex, which faltered to 17,494.65 amid high volatility following the release of January industrial production data, is now up 76.51 points or 0.44% at 17,579.75. Earlier, it was a rousing start for the market this morning with the Sensex vaulting nearly 270 points to 17,772.10 at the bell following the sharp 75 basis points cut in Cash Reserve Ratio.
The Nifty index of the National Stock Exchange is up 19 points or 0.36% at 5352.55, nearly 70 points off the day's high of 5421.90.
According to the data released by the Commerce Ministry this morning, the factory output, as measured by the index of industrial production, grew by 6.8% in January as against 1.8% in December.
While manufacturing output grew by 8.5% in January, electricity generation rose by 3.2% and Mining output declined by 2.7%.
State Bank of India is trading stronger by around 3.6% at Rs 2302.50 thanks to sustained buying at the counter. Larsen & Toubro (3.2%) and Reliance Industries (3.2%) are also trading firm, contributing significantly to the market's positive display.
BHEL (2.2%), Bajaj Auto (2.4%), ICICI Bank (1.5%), Hero Motocorp (1.2%) and Sun Pharmaceuticals (1.1%) are up with impressive gains. Hindalco, GAIL India, Wipro, Jindal Steel, Coal India and Tata Motors are also trading notably higher.
ONGC, Infosys, Cipla, Sesa Goa, NTPC, Tata Power, Mahindra & Mahindra and Tata Consultancy Services are down 1% - 1.75%. HDFC, Cairn India, Ambuja Cements, Sterlite Industries and ITC are also trading notably lower.
United Breweries, up nearly 15% at Rs 521, is the top gainer among BSE 'A' Group. Voltas, Wockhardt and JP Infratech are up 7% - 7.7%. Bharat Forge, United Spirits, Jain Irrigation Systems, Andhra Bank, Gitanjali Gems, Jubilant Foodworks, Neyveli Lignite Corporation, Indiabulls Real Estate, REC, Uco Bank, Havells India and Shriram Transport Finance are up 3% - 6%.