RTTNews - After opening Friday's session higher on the back of better-than-expected results from Infosys, the Indian market has pared its early gains amid mixed global cues and caution ahead of the release of May industrial output report.
The BSE Sensex opened higher at 13,803 and rose to a high of 13,862 before slipping into the red. Since then, the index has come back into positive territory and is now trading at 13,800, up 43 points or 0.31% from its previous close. Meanwhile, the S&P CNX Nifty is trading at 4,101, up 0.49% and the BSE small-cap and mid-cap indexes are up around 0.7% each.
Sector-wise, IT stocks are leading the gainers with over 3% gains followed by realty, metal and banking stocks. While oil/gas stocks are coming under selling pressure, public sector, FMCG, consumer durable and auto stocks are showing modest gains. The market breadth on the BSE is positive, with 952 gainers compared to 783 decliners.
Among the top gainers, Wipro is rising over 4%, Sterlite is adding 3.37%, Infosys and TCS are up over 2% each and DLF is gaining 1.65%. Grasim Industries, ICICI Bank, Reliance Communication, Hindalco and Hindustan Unilever are the other prominent gainers.
On the other hand, Jaiprakash Associates, Mahindra & Mahindra, Tata Power, Bharti Airtel, HDFC, ONGC and ACC are trading deep in the red.
Infosys is rising 2.76% after it reported a 17% rise in its quarterly consolidated net profit boosted by sales in newer markets. Hindustan Construction is up a modest 0.79% after it bagged a Rs 387-cr order for a hydro power plant in Bhutan.
Tata Motors is edging up 0.20% on reports that its subsidiary Jaguar Land Rover may return to profit in two years. Tata Steel is up 0.77% after it said more jobs were at risk at is Corus unit's Scunthorpe plant in northeast England.
Mahindra Satyam is surging up over 7% after it signed a 5-year multi-million dollar SAP contract with the global pharma major GlaxoSmithKline (GSK). Wockhardt is adding over 2% after a group of lenders approved a corporate debt restructuring package for the company.
State-run oil companies ONGC, IOC, BPCL and IOC are trading mixed after the oil minister Murli Deora talked about the roll back of the recently hiked petrol and diesel prices, if international crude oil prices stabilize between $50 and 60 a barrel.
BEML is up 1.54% on reports that it sees a huge business opportunity in the metro rail projects that are coming up in 12 cites across the country. Eicher Motors is down 0.11% after its June sales dropped 24% year-over-year.
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