The market is trading marginally up amid cautious trades with investors mostly tracking recent earnings reports from India Inc. A fairly steady trend in most of the markets in the Asian region is also contributing to the modest upmove.
Shares of state run oil marketing firms are up following the hike in fuel prices. On Friday, the top oil firms hiked diesel and petrol prices by Rs 0.45 and Rs 1.50 per litre, respectively.
The BSE benchmark Sensex, which advanced to 19,512.44, is currently at 19,490, up 21.85 points or 0.1% from its previous close. The Nifty index of the National Stock Exchange is up 4.80 points or 0.1% at 5892.20.
BPCL (1%), Hindustan Petroleum Corporation (1.3%) and Indian Oil Corporation (1%) are trading in positive territory, despite paring some early gains. Among other gainers in the Oil & Gas index, Cairn India, GAIL India, Oil India, ONGC and Petronet LNG are up 0.3% - 1%. Reliance Industries is up marginally, while Castrol India is trading slightly weak.
Several shares from the banking space are trading firm. State Bank of India, Allahabad Bank, Andhra Bank, Canara Bank, Central Bank of India , Indian Bank, Indian Overseas Bank, Syndicate Bank, Uco Bank, Union Bank of India, United Bank of India and Vijaya Bank are all up in positive territory, gaining 1% - 2%.