After an early upmove and a subsequent fall into the red, the Indian stock market has edged up a bit amid stock specific activity this morning. With global cues somewhat mixed and a slew of earnings reports due for release during the day, the mood is quite cautious at present.
The BSE benchmark Sensex, which declined to 19,450.47 after surging to 19,543.44, is currently up 13.75 points or 0.07% at 19,498.52. The Nifty index of the National Stock Exchange is up 1.45 points or 0.02% at 5904.95. The index had eased to 5887.15 after advancing to 5924.15 in early trades.
Shares from FMCG space are trading weak. Metal, capital goods, oil and power stocks are mostly trading flat. Select bank, automobile, healthcare, information technology, realty and consumer durables stocks are trading higher.
ITC is down more than 1.5% at Rs 296.90. Hero Motocorp is trading lower by 1.3% at Rs 1702 and Bharti Airtel is down with a loss of 1.1% at Rs 317.50. Tata Power is down 0.8% ahead of announcement of results. ONGC (down 0.6%) too is trading lower with investors treading cautiously ahead of results.
Coal India, Hindalco, Maruti Suzuki, Larsen & Toubro, Hindustan Unilever and HDFC are down with modest losses.
IDFC, BPCL, ACC, Grasim Industries, Asian Paints, Lupin, Ranbaxy Laboratories, Utratech Cement and Ambuja Cements are trading lower by 0.4% - 1.4%.
Among the notable gainers, Dr Reddy's Laboratories is up 1.8% at Rs 1889, Wipro is up 1.6% at Rs 419, Axis Bank is up 1.6% at Rs 1473.50 and Tata Motors is up with a gain of 1.5% at Rs 290.
Cipla and Sun Pharmaceutical Industries are up 1.3% and 0.7%, respectivey. Sun Pharmaceutical Industries and Taro Pharmaceutical Industries have announced that they have mutually agreed to terminate their merger agreement announced in August 2012.
Jaiprakash Associates, Infosys, Bank of Baroda, State Bank of India, Mahindra & Mahindra and Cairn India are also trading firm.