RTTNews - The Indian market recouped all its early loss and is now trading in positive territory on Wednesday amid some bottom fishing in battered auto, oil/gas, public sector and healthcare stocks. On the other hand, realty, banking, metal and consumer durable stocks are trading in the red, restricting big gains for the frontline indexes.
The BSE Sensex opened lower at 15,293 and fell further to 15,194 before bouncing back into positive territory. The index is now trading at the day's high of 15,366, up 35 points or 0.23% and the S&P CNX Nifty is trading at 4,568, up 0.07%.
On the BSE, the small-cap and the mid-cap indexes are up around 0.8% each and the market breadth is fairly positive, with 1231 gainers compared to 745 losers.
Among the top gainers, ONGC is moving up 3.10%, Mahindra & Mahindra is rising 2.85%, Hero Honda Motors is gaining 1.44%, Maruti Suzuki is up 1.09% and ACC is up 1.07%.
Tata Power, Reliance Communication, TCS, Grasim, Hindustan Unilever, NTPC and Reliance Industries are the other prominent gainers.
However, DLF, Tata Motors, Sun Pharma, SBI, Sterlite, Tata Steel, Jaiprakash Associates, HDFC Bank, Infosys, Hindalco Industries and BHEL are trading in the red.
Gujarat Mineral Development Corporation is rising 1.63% on the back of a 11% rise in its June-quarter net profit. JK Paper is adding 1.71% after it doubled its net profit for the June quarter to Rs 20.13 crore.
Bharti Airtel is up a modest 0.11% on reports that it will launch a price war in the broadband segment with plans to offer high bandwidth at low prices. Balaji Telefilms is up 0.39% even as it received notices of demand from sales tax authorities for amount aggregating to Rs 55 crore.
3i Infotech is up 0.32% after its board approved raising up to Rs.500 crore by private placement of shares with qualified institutional investors. Tata Tea is up 0.25% despite reporting a consolidated loss of Rs 19.57 crore for the first quarter ended June, weighed down by Rs.146 crore notional translation loss on foreign currency assets and hedges.
Neyveli Lignite Corporation is losing 0.37% after reporting a modest 0.63% rise in its quarterly net profit. Religare Enterprises is advancing 2.50% after it reported Rs 3.16 crore net profit in the quarter ended June as against a net loss of Rs 8.42 crore during the year-ago period.
JSL is climbing nearly 7% after its board approved raising Rs.750 crore via qualified institutional share placement and up to $150 million through the issue of foreign currency convertible bonds/ADRs/GDRs.
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