RTTNews - After a mildly positive start, the Indian market rose further on Wednesday before paring most of its early gains due to mixed Asian cues.
After rising to a high of 15,973, the BSE Sensex has pared its gains and is now trading at 15,844, up 13 points or a modest 0.08% and the S&P CNX Nifty is trading almost unchanged at 4,677.
The BSE small-cap index, however, is trading up 0.37% and the market breadth on the BSE is fairly positive, with 1179 gainers compared to 729 losers. Sector-wise, consumer durable, IT, oil/gas and public sector stocks are witnessing strong support, but realty, FMCG, metal and capital goods, and banking stocks are coming under selling pressure.
Among the Sensex constituents, Infosys, Tata Motors, Reliance Infrastructure, Wipro, Reliance Industries, Sterlite Industries, ONGC, ICICI Bank, ACC, Tata Power, BHEL and NTPC are the top gainers.
On the other hand, Hindalco is down 1.68%, HDFC Bank is losing 0.76%, ITC is edging down 0.75%, DLF is down 0.70% and Grasim Industries is down 0.66%.
Jaiprakash Associates, Maruti Suzuki, Tata Steel, HDFC, Reliance Communication, TCS, Hero Honda Motors, Hindustan Unilever and Sun Pharma are also trading in the red.
Reliance Industries is rising 1.12% on reports that it will buy a 67% stake in Krishna -Godavari Gas Network, a state-owned gas distribution company in Hyderabad.
Tata Motors is up 1.46% on reports that it is in talks with State Bank of India to secure a counter guarantee for a loan it is seeking for its Jaguar Land Rover units. Infosys Technologies is gaining 2.33% on reports that it has bagged a five-year outsourcing agreement from mobile operator T-Mobile U.K.
NMDC is jumping 4.46% after the steel ministry approved the sale of 8.38 per cent of government equity in the leading miner that could fetch the exchequer around Rs 12,000 crore. Likewise, Rural Electrification Corp is up 1.02% on reports that it will come up with a follow-on public issue to raise around Rs.2,900 crore by the end of the current fiscal year.
Unitech is down a modest 0.11% following reports that it is looking to raise Rs.500 crore by selling about 20-25 hotel land parcels by the end of the current fiscal year. Ackruti City is edging up 0.66% on reports that it will announce a qualified institutional share placement in the next 2-3 months.
Reliance Infrastructure is adding 1.54% after its consortium with Reliance Communications and Canada's SNC-Lavalin bagged the Rs 11,000-crore Mumbai Metro Project. Hindustan Construction is up 0.74% on bagging a Rs.228.79 crore contract from Vidharbh Irrigation Development Corporation for infrastructure related works.
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