After some early weakness, the Indian stock market rebounded into positive territory this morning on hectic buying in select blue chip stocks, but gave up a portion of gains subsequently due to lack of support at higher levels.
The Sensex, which advanced to 18,813.03, is currently up 25 points or 0.14% at 18,787.87. The Nifty index of the National Stock Exchange is up 7.80 points or 0.14% at 5712, off an early low of 5693.65.
Realty stocks are edging higher on fairly strong buying enquiries now. Mirroring their surge, the BSE Realty index is up 1.6% at present. Power, healthcare, information technology and PSU stocks are among the other notable gainers.
Select stocks from the banking space have moved up. FMCG, consumer durables, metal, capital goods, oil and automobile stocks are mosty subdued amid somewhat lackluster trades. Midcap and smallcap stocks are finding modest support.
Realty stocks DLF, Anant Raj Industries, DB Realty, HDIL, Indiabulls Real Estate, Parsvnath Developers, Phoenix Mills, Sobha Developers and Unitech are up 1% - 4%.
Among power stocks that are trading higher, ABB, Adani Power, Lanco Infratech, Power Grid Corporation, NTPC, Suzlon Energy and Torrent Power are up 0.8% - 2%. Reliance Power, JSW Energy and Tata Power are also trading firm.
Pharma major Cipla is up 3.3% at Rs 393 thanks to sustained buying at the counter thanks to an impressive 61.8% jump in the company's net profit for the quarter ended 30 September 2012.
Among other pharma stocks trading in positive territory, Apollo Hospitals, Glaxo Smithkline Pharmaceuticals, Aurobindo Pharma and Wockhardt are up 1% - 3.3%. Biocon, Opto Circuits and Ranbaxy Laboratories are up with modest gains.
Jindal Steel & Power, Asian Paints, Ambuja Cements, Jaiprakash Associates, ACC, Grasim Industries and Punjab National Bank are up 0.5% - 2%.
IDFC is trading lower by about 2%. Maruti Suzuki, Hindalco, Hero Motocorp, Bajaj Auto, Coal India, Larsen & Toubro, Dr Reddy's Laboratories, Cairn India, HCL Technologies, Sesa Goa and Tata Steel are down 0.4% - 1.4%.
United Spirits has jumped 3.3% to Rs 1259 on strong volumes. On the National Stock Exchange, the United Spirits counter has clocked a volume of over 1.8 million shares today.