After a positive start and a subsequent retreat to lower levels, the Indian stock market has edged up again thanks to some strong buying in select oil, metal, realty and automobile stocks this morning.
Information technology, FMCG, healthcare and bank stocks are stubdued. Not much buying is seen in the capital goods space as well.
However, with global cues not any positive, the mood remains a bit cautious at present. Also, with a slew of earnings reports set to flood the market over the next few days, investors appear a bit reluctant to indulge in any big buying for now.
The BSE benchmark Sensex, which declined to 18,703.90 after surging to 18,741.53, is currently up 17 points or 0.1% at 18,727.02. The Nifty index of the National Stock Exchange is up 2.30 points or 0.04% at 5693.70.
Sterlite Industries is up 2.8% at 101.20. The company's consolidated net profit jumped 75% to Rs 1743 crore on 9% growth in net sales to Rs 11,029 crore in the September 2012 quarter, over the corresponding quarter last year.
Reliance Industries, ONGC, HDFC, Bajaj Auto, Hindalco, Mahindra & Mahindra and Coal India are up 0.7% - 1%.
Hero Motocorp declined to 1751 at the start on disappointing results, but recovered well subsequently and is currently trading at Rs 1804, gaining 0.5% in the process. Hero MotoCorp's net profit declined 27.01% to Rs 440.58 crore on 10.94% fall in net sales to Rs 5151.18 crore in the July - September 2012 quarter, over the corresponding quarter last year.
Jindal Steel & Power, Dr Reddy's Laboratories, Sun Pharmaceutical Industries, Infosys, Tata Motors, ICICI Bank, Cipla, ITC and State Bank of India are trading lower by 0.3% - 1%.
Sesa Goa is trading stronger by 1.6%. Ultratech Cement, Kotak Bank, Axis Bank, Lupin and HCL Technologies are up with modest gains.
Ranbaxy Laboratories, ACC, Siemens, IDFC, Reliacne Infrastructure and Asian Paints are trading weak.