Sensex up marginally amid cautious trades; PSU stocks in demand

Last Updated: Sat, May 11, 2013 07:08 hrs

Mumbai: The mood is somewhat cautious on the Indian bourses where a special trading session (for a short duration) is on today to enable the Bombay Stock Exchange to test its disaster recovery software.

The Sensex, which rose to 20,122.83, is now up 11.88 points or 0.06% at 20,094.50. The Nifty index of the National Stock Exchange is up 4.40 points or 0.07% at 6099.15, after surging to 6104.50.

Not much buying and selling is likely in the short session today, as institutional investors may not take active participation in the proceedings. Activity is likely to be stock specific with earnings reports and company specific news setting the trend.

Dr Reddy's Laboratories is trading 2.7% up at rs 2076. Sun Pharmaceutical Industries is up with a gain of 2%, while Cipla and Ranbaxy Laboratories are up 0.9% and 0.3%, respectively.

BPCL, Asian Paints, Coal India, Sesa Goa, Cairn India, ONGC, Punjab National Bank, Bank of Baroda, State Bank of India and IndusInd Bank are up 0.4% - 1.2%.

NTPC, HCL Technologies, Tata Motors, GAIL India, Ambuja Cements, BHEL and Ultratech Cement are trading weak.

Among IT majors, Infosys, Tata Consultancy Services, Wipro, HCL Technologies, Oracle Financial Services and Mphasis are trading weak. Tech Mahindra is bucking the trend and trading modestly higher.

Reliance Communications Limited shares are trading nearly a percent up at Rs 111.35.
The company announced after trading hours on Friday that its consolidated net profit declind 8.7% to Rs 303 crore on 2.39% surge in total income from operations to Rs 5130 crore in the January - March 2013 quarter, over the corresponding quarter last year. For the year ended March 2013, the company's consolidated net profit declined 27.58% to Rs 672 crore from the previous year.

Among other stocks from the telecom space, Bharti Airtel, MTNL, Tata Teleservices and Tulip Telecom are trading in negative territory with sharp to moderate losses, while Idea Cellular is up with a modest gain.

State Trading Corporation of India is up more than 7% on strong volumes. On the National Stock Exchange, the STC counter has clocked a volume of over 7.7 lakh shares this morning.

MMTC (up 8.2%) is also up on huge volumes. Over 5.2 lakh shares have been traded at the MMTC counter on NSE since trade commenced this morning. Hindustan Copper (up 5.3%) is another volume topper on NSE.

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