MUMBAI: After trading in negative territory for well over a couple of hours, the market has edged up into the positive zone in late morning trade today with select PSU, FMCG, healthcare and bank stocks moving up on strong buying support.
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Realty, automobile and power stocks are mostly off their lows. Oil, capital goods, metal and information technology stocks are also edging up from the day’s lows now. Midcap and smallcap stocks continue to remain subdued.
The Sensex is up 23.95 points or 0.13% at 17,981.32, nearly 80 points off the day’s low, while the Nifty index of the National Stock Exchange is up with a gain of 9.50 points or 0.18% at 5407.05.
According to a report from the government, Food article index was up 9% for the week ended July 17, 2010, while Primary Article index surged 14% and Fuel Group index moved up by 14%.
Hindustan Unilever has gained 2.6% to Rs 259 on sustained buying at the counter. HDFC is up by a little over 2.5% at Rs 2969. Maruti Suzuki, Hindalco, Hero Honda, HDFBA, ICICI Bank and Cipla are up 0.5 %- 0.8%.
BHEL, ITC, Reliance Infrastructure and Sterlite Industries have posted modest gains. NTPC, Jaiprakash Associates, ONGC and Wipro are up marginally.
MMTC rules firm with a hefty gain of 25%. Petronet LNG has gained 4.3%. Asian Paints, HCL Technologies, IDFC, Dr Reddy’s Laboratories, Tata Global, Exide Industries, Alstom Projects, LIC Housing Finance, IFCI, Marico and Procter & Gamble have also posted smart gains.
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Bank of Baroda is up nearly 2% at Rs 730 on strong results. The PSU bank has posted a net profit of Rs 8591.60 million for the quarter ended June 30, 2010 as compared to Rs 6853.80 million for the quarter ended June 30, 2009. Total income increased from Rs 47351.50 million for the quarter ended June 30, 2009 to Rs 53442.00 million for the quarter ended June 30, 2010.
Aban Offshore, which shot up to Rs 915.90 earlier in the day after the company said it has received an order worth Rs 500 million for the deployment of a jack-up rig for about 120 days, has drifted lower on stiff resistance and is currently trading at Rs 890, down nearly a percent from its previous closing price.
