Sensex up marginally amid lackluster trades

Last Updated: Fri, Feb 22, 2013 08:18 hrs

Realty, information technology and oil stocks are trading higher on the Indian bourses, where the mood continues to remain cautious amid concerns about the near term outlook for the economy. Select pharmaceuticals, power, capital goods and bank stocks are also trading in positive territory.

FMCG stocks have declined on selling pressure. Automobile stocks are also mostly trading weak. Metal stocks are flat.

The Sensex is now up 12.37 points or 0.06% at 19,337.73. The Nifty is up 6.80 points or 0.12% at 5859.05.

Among the stocks in the Realty index, dLF is up nearly 3%. Indiabulls Real Estate is up 2.2%, while Anant Raj Industries, HDIL, Sobha Developers and Unitech are trading higher by 0.6% - 1%.

Information technology heavyweights Infosys (1.5%), Tata Consultancy Services (0.7%) and Wipro (2.6%) are trading firm. HCL Technologies, Hexaware Technologies, Financial Technologies, Mphasis, Mahindra Satyam and Tech Mahindra are also up in positive territory with smart gains.

Among the stocks in the Oil & Gas index, Reliance Industries is up 1.3%, ONGC is up nearly a percent, GAIL India is up with a gain of 1.4% and Castrol India is trading 1.1% up. Hindustan Petroleum Corporation is up with a modest gains, while BPCL and Indian Oil Corporation are trading weak.

Bharti Airtel is trading nearly 4% up on sustained buying at the counter. Power Grid Corporation, Sun Pharmaceutical Industries, Reliance Infrastructure, Lupin, Bajaj Auto and ICICI Bank are up 1% - 2.2%.

HDFC is down 2.3% following a rating downgrade. Hindustan Unilever is also trading lower by 2.3%. Jaiprakash Associates and Tata Motors are down 2.2% and 2%, respectively.

ITC, Maruti Suzuki, Siemens, Dr Reddy's Laboratories, Coal India, Hero Motocorp, BHEL, Bank of Baroda, Cairn India and NTPC are down with sharp to moderate losses.

TVS Motor is trading notably lower on reports the proxy advisory firm Institutional Investors Advisory Services has opposed the proposed appointment of Sudarshan Venu, to the board of directors of the Chennai-based company. The company is seeking shareholders’ nod to appoint Sudarshan a whole-time director for five years from February and fix his remuneration. The special resolution is a Companies Act requirement for companies appointing people below the 25 to the board.

Gujarat Pipav jumped more than 5% following an announcement from the company that its net profit for the fourth quarter rose to Rs 35.98 crore, up 340%, from the third quarter. The company attributed the substantial rise in net profit to sharp decline in finance costs which stood at Rs 9.75 crore compared with Rs 17.66 crore in the September quarter.

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