RTTNews - Friday, the Indian market is trading higher on the back of favorable overseas cues, but profit taking amid FII selling and concerns over a below normal monsoon for the June-September season are restricting big gains.

The BSE Sensex opened higher at 14,374 and rose further to 14,526 before paring some of its gains. The index is now trading off its day's high at 14,427, up 81 points or a modest 0.57% and the S&P CNX Nifty is trading at 4,272, up 0.71%.

On the BSE, the small-cap and the mid-cap indexes are up around 1% each and the market breadth is extremely positive, with 1206 advancers compared to 596 stocks that are declining. Sector-wise, realty, consumer durable, capital goods, metal and banking stocks are finding good buying support, while healthcare, FMCG and auto stocks are trading in the red.

Among the top gainers, ICICI Bank, Larsen & Toubro, ACC and DLF are up around 2% each, Sterlite is rising 1.77% and Reliance Communication is up 1.48%. Hindalco, Wipro, NTPC, Reliance Industries, BHEL and HDFC Bank are the other prominent gainers.

On the other hand, Sun Pharma, Ranbaxy Laboratories, HDFC, Grasim, Maruti Suzuki, ITC, Reliance Infrastructure, Mahindra & Mahindra and Hindustan Unilver are trading in the red.

Dabur India is down 0.37% after it completed the acquisition of Fem Care Pharma, a player in the women's skin care products market. Tata Motors is edging up 0.41% ahead of the announcement of its consolidated results for 2008/09.

Reliance Infrastructure is down nearly 1% after Tata Power reportedly decided to stop power supply to the company after March 2010, as R-Infra failed to enter into any power purchase agreement with it. Firstsource Solutions is down 0.20% after it repurchased and canceled $7.9 million zero coupon convertible bonds due for maturity in 2012.

SAIL is rising 2.60% after it tied up with Management Training Institute to develop its vast human resources in an effort to produce 24.5 mt steel from its different plants compared to the existing 14 mt in the next 3-4 years.

Sobha Developers is adding 1.59% on reports that it is looking at a three-pronged approach - QIP at entity level, special purpose vehicle deals with private equity firms and divestment of some of its land bank assets - as part of its capital raising plans.

AIA Engineering is gaining 0.65% after it reported a 31% rise in its FY09 net profit. Matrix Labs is adding 0.72% after it turned to profit in FY09 compared to a loss of Rs.457 crore in the previous year. GAIL India is up marginally on reports that it will invest Rs 7,600 crore towards two pipeline projects linking Karnataka to the National Gas Grid.

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