Sensex up 89 pts; IT stocks in demand

Last Updated: Tue, Apr 24, 2012 06:41 hrs

The market, which retreated after opening higher this morning, rebounded into positive territory subsequently and is still holding firm with several blue chip stocks trading higher on sustained buying support.

Information technology stocks are mostly trading higher with TCS leading the way up north. Consumer durables, power and metal stocks too are up in positive territory. Capital goods stocks are trading weak, while automobile, bank and oil stocks are trading mixed.

The Sensex is up 89.43 points or 0.52% at 17,186.11. The Nifty index of the National Stock Exchange is up 14.45 points or 0.3% at 5215.05.

Tata Consultancy Services trades firm with a hefty gain of 11.8% at Rs 1190 with strong quarterly results triggering heavy buying at the counter. HCL Technologies and Wipro are up 4.5% and 2.8% respectively, even as Infosys Technologies continues to trade in negative territory despite regaining most of the lost ground.

TCS' net profit in the fourth quarter grew 1.6% from preceding three months to Rs 2,932 crore on the back of revenues of Rs 13,259 crore.

The company crossed $10 billion in revenues in fiscal 2012.

Hindalco is up nearly 2.5%. Tata Power is trading 2.2% up. BHEL, Coal India, Reliance Infrastructure, Hindustan Unilever, Hero Motocorp, Ranbaxy Laboratories, Tata Motors, Jaiprakash Associates, Siemens, Reliance Power, NTPC and SAIL are also trading notably higher.

Bharti Airtel has come off its lower levels, but at Rs 302.60, the stock is still fairly deep down in negative territory with a sharp loss of 3.15%. The stock had tumbled to Rs 288.95 earlier in the day.

Ambuja Cements, Mahindra & Mahindra, Kotak Bank, ACC, Axis Bank, Reliance Communications, Larsen & Toubro, Bajaj Auto and Reliance Industries are down 1% - 2.6%. ITC, DLF and HDFC Bank are also trading notably lower.

Nalco, Astrazenca Pharma, Voltas, Titan Industries, Bank of Baroda, IRB Infrastructure, Ranbaxy Laboratories, Unitech and IDBI Bank are trading higher by 2% - 3.5% now.

The Competition Commission of India slapped aluminum phosphide tablets manufacturer United Phosphorus Limited with a fine of Rs 252.44 crore for cartelization and price manipulation. The United Phosphorus stock is down more than 5.5% at Rs 120.50 at present.

Idea Cellular, TTK Prestige, Exide Industries, Coromandel International, Neyveli Lignite Corporation, Biocon and Ashok Leyland are also trading notably lower.

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