Monday, the Indian market is trading higher on firm global cues. However, the market is moving sideways on alternate bouts of buying and selling due to profit taking as it has risen more than 32% from its lows on March 9. Traders are also expressing caution ahead of a public holiday on Tuesday.

Most of the markets across the Asia-Pacific region including Hong Kong, New Zealand and Australia are shut on Monday for Easter holiday. Among those that are open, China's Shanghai Composite index is now trading up 2.31% and Japan's Nikkei 225 index is rising 0.25%.

Back in India, after opening higher at 10,916, the BSE Sensex pared most of its gains in early trading. The index is now trading near the day's low at 10,839, up a modest 0.33% or 35 points over the previous close, while the S&P CNX Nifty is trading at 3,346, up 0.11%.

Nevertheless, second-line stocks are outperforming the benchmarks, with the small-cap and the mid-cap indexes rising around 1.35% each. On the BSE, the market breadth is positive, with 1277 gainers compared to 476 stocks that are declining. Sector wise, banking and metal stocks are trading firm, but capital goods and IT stocks are coming under significant selling pressure.

Among the major gainers, Tata Steel and Tata Motors are jumping nearly 5% each, HDFC Bank is rising 3.72%, Sterlite Industries and ICICI Bank are up around 3.30% each, State Bank of India is adding 2.71% and Reliance Communication is up 1.86%. Hindalco, Mahindra & Mahindra, Sun Pharma and Jaiprakash Associates are the other major gainers.

However, Larsen & Toubro is losing 2.90%, Bharti Airtel is declining 1.88%, TCS is down 1.74%, Wipro is moving down 1.51% and Reliance Infrastructure is losing a little over 1%. Hindustan Unilever, ONGC, NTPC, Infosys and ITC are the other major decliners.

JK Tyre & Industries is jumping more than 12% on reports that it is keeping its expansion plans intact despite a slump in demand. Mastek is trading up 1% despite reporting a 5% decline in its net profit for the March quarter.

TCS is losing 2.06% amid reports that it has trimmed its UK-based headcount by 10 percent to 4,500 people from 5,000. Religare Enterprises is up 0.22% on reports that it is entering the health insurance sector through a joint venture with a foreign insurance firm.

Oil and Natural Gas Corporation (ONGC) is down 0.89% following reports that it will shelve a proposed wind energy project in the southern state of Karnataka, but is going ahead with a second one in Gujarat.

Jain Irrigation Systems is losing 1.38% on reports that its founder and his sons have signed agreements to forbid the sale of shares from their core holding in the company and are working to create a structure to hold their promoters' stake in a trust.

Pfizer is climbing nearly 8% to Rs.672.15 after U.S. drug maker Pfizer Inc offered to launch a tender offer to buy a 33.77% stake in the Indian business at Rs.675 per share.

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