RTTNews - After a robust start amid strong global cues, the Indian market has pared its early gains and is showing volatility due to intermittent profit taking following recent gains. Auto, realty, metal, IT and consumer durable stocks are receiving good buying support, while defensive FMCG, banking, public sector and oil/gas stocks are trading in the red.
The BSE Sensex opened higher at 15,272 and rose further to 15,419 before slipping into the red. However, since then, the index has made a come back and is now trading in positive territory at 15,261, up 30 points or a modest 0.19% from its previous close.
The S&P CNX Nifty is trading at 4,532, up 0.18%, while the BSE small-cap and the mid-cap indexes are up over 1% each, outperforming large-caps. On the BSE, the market breadth is positive, with 1313 advances compared to 559 stocks that are declining.
Among the top gainers, Tata Motors, Maruti Suzuki and Sterlite Industries are up over 3% each, Jaiprakash Associates is rising 2.90%, Mahindra & Mahindra is adding 2.89%, BHEL is up 2.53% and DLF is advancing 2.43%.
Tata Steel, Hindalco, Infosys, Tata Power, TCS, Reliance Communication and Larsen & Tourbo are the other prominent gainers.
Reliance Industries is down 1.38% ahead of the announcement of its quarterly results after market hours on Friday.
IT stocks are trading firm on reports that Indian outsourcing firms are in the race to bag new contracts worth $1 billion from British Petroleum. Infosys is rising 1.84%, TCS is gaining 1.09%, Mahindra Satyam is adding 4.37% and Wipro is up a modest 0.38%.
ABG Infralogistics is advancing 1.54% on reports that French shipping firm Louis Dreyfus Armateurs SA has bought a 49% stake in the bulk port handling business of the company for Rs.90 crore.
Himadri Chemicals and Industries is jumping nearly 4% after its board deiced to raise up to Rs 1000 crore by issue of shares or other securities. Alstom Projects India is up 2.59% after reporting robust earnings for the three months ended June.
Ambuja Cements is losing 1.70% after reporting a 44% year-over-year drop in its June quarter net profit. Gujarat State Petronet is climbing over 7% after its net profit more than doubled for the three months ended June.
Gujarat Ambuja Exports is up 2.72% even as its June-quarter net profit declined 53% to Rs 9.06 crore from Rs 19.39 crore in the corresponding quarter last year.
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