Swinging between gains and losses, stocks continue to move in a choppy fashion this afternoon with investors remaining rather reluctant to build up positions.
Concerns about the global economic outlook and high inflation back home appear to have forced investors onto a defensive mood.
The Sensex, which declined to 16,118.35 but rose to 16,249.60 this afternoon, is currently trading at 16,234.77, up 12.47 points or 0.08% from its previous closing mark.
At 4933.95, nearly 50 points off the day's low 4889.35, is up with a gain of 12.55 points or 0.26%.
GAIL India tops the list of Sensex gainers. At Rs 333, the stock is up 2.35% from its previous closing price. Tata Steel is up 2.3% and Sterlite Industries is up with a gain of 1.8%, while Hindalco, State Bank of India, DLF and Hero Motocorp are up 1% - 1.5%.
FMCG stock ITC is up marginally at Rs 234. The company has posted a net profit of Rs 1614.36 crore for the quarter ended March 31, 2012 as compared to Rs 1281.48 crore for the quarter ended March 31, 2011. Total income increased from Rs 6063.38 crore for the quarter ended March 31, 2011 to Rs 7162.51 crore for the quarter ended March 31, 2012.
On consolidated basis, the ITC Group posted a net profit after taxes, minority interest and share of associates of Rs 6258.14 crore for the year ended March 31, 2012 as compared to Rs 5017.93 crore for the year ended March 31, 2011. Total income increased from Rs 23,110.80 crore for the year ended March 31, 2011 to Rs 27,336.14 crore for the year ended March 31, 2012.
TVS Motor moved up sharply following the company reporting a 31% year-on-year rise in fourth quarter net profit at Rs 57.23 crore, on back of other income and lower tax outgo. The company had posted a net profit of Rs 43.68 crore in the corresponding quarter last year. Total income, however, dipped marginally to Rs 1,627 crore from Rs 1,635 crore in the previous corresponding quarter.
Gravita India spurted 10% to Rs 198.25, its lifetime high on the Bombay Stock Exchange, after face value of the stock was split to Rs 2 each from Rs 10 each effective from today. The company has fixed May 28, 2012 as the record date for the purpose of sub-division of 1 share of Rs 10 per share of the company into 5 shares of Rs 2/- each.