After opening on a positive note on Asian cues, the Indian stock market retreated due to resistance at higher levels this morning. However, with select blue chips finding support at lower levels, the market has emerged into positive territory again.
The Sensex, which declined to 19,346.08 after rising to 19,421.72 in early trades, is currently up 28.71 points or 0.15% at 19,383.97. The Nifty index of the National Stock Exchange is up 11 points or 0.19% at 5899, off an early high of 5907.35.
Automobile and realty stocks are trading firm. Power, oil, information technology, bank and healthcare stocks are trading mixed, while FMCG stocks are weak. Select midcap and smallcap stocks have moved up sharply.
Among automobile stocks, Tata Motors is up 2.6% at Rs 284, Hero Motocorp is up 1.2%, Bajaj Auto is trading nearly a percent up and Maruti Suzuki is up with a gain of 0.8%, while Mahindra & Mahindra is trading higher by about half a percent.
ICICI Bank, Wipro, Jindal Steel & Power, Sterlite Industries, State Bank of India, ONGC, BHEL, Hindalco, Bharti Airtel, Reliance Industries are up 0.4% - 1.2%.
Tata Consultancy Services is up 0.4% at Rs 1231. The IT major has signed a multi-year agreement with Mitchells & Butlers to streamline the management of the British entity's HR and payroll operations.
Lupin, Cairn India, IDFC, Power Grid Corporation, Ambuja Cements, ACC, HCL Technologies, Bank of Baroda, Punjab National Bank, Siemens, Reliance Infrastructure, Jaiprakash Associates and Ultratech Cement are all trading in positive territory with notable gains.
Hindustan Unilever and ITC, the FMCG heavyweights, are trading lower by around 2.2% at Rs 518.25 and Rs 299.40, respectively. Coal India, Larsen & Toubro, Sun Pharmaceutical Industries and HDFC Bank are down with modest losses.