RTTNews - The Indian market pulled back slightly in early trading on Tuesday after a 4% loss in the previous session, helped by short covering and bargain hunting at lower levels.
After trading choppily in early trading, the benchmark indexes bounced back significantly in the past few minutes. Currently, the BSE Sensex is trading at 14,869, up 85 points or 0.57% and the S&P CNX Nifty is trading at 4,414, up 0.60%.
On the BSE, the small-cap and the mid-cap indexes are outperforming large-caps, rising over 1% each and the market breadth is also fairly positive, with 1091 gainers versus 753 losers.
Sector-wise, realty, consumer durable and capital good stocks are receiving good buying support, while healthcare and IT stocks are trading in the red.
Mahindra & Mahindra, Hindustan Unilever, Jaiprakash Associates, DLF, SBI, Hindalco, Larsen & Toubro, Tata Power, ONGC, HDFC Bank and Wipro are some of the prominent gainers.
Reliance Industries is down a modest 0.80% on reports that it may sell some stakes held in six overseas exploration blocks owned by its fully-owned subsidiary Reliance Exploration and Production DMCC. ONGC is up 1.12%, while Cairn India is trading almost unchanged.
Pantaloon Retail is rising 1.09% on reports that it will offload its non-core assets to overseas investors by floating a FDI-complaint special purpose vehicle. Berger Paints India is up 0.66% after is board priced its preferential issue of 72 lakh shares to Nalanda India Fund at Rs 50.50 per share.
Nava Bharat Ventures is adding 3.31% after the RBI raised the foreign portfolio investment limit in the company to 40%. Reliance Communication is up 0.16% on speculation it could strike a deal with Kuwaiti telecom firm Zain to buy all or part of its African operations.
Gammon India is up 0.10% on reports that it has been allowed to bid for the proposed Gurgaon metro, a private-consortium funded project.
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