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Benchmark indices have maintained their early gains helped by fresh buying in the shares of metal, oil and select financials. However, losses in auto stocks have limited the gains at higher levels.
At 10:18AM, the 30-share Sensex was up 79 points at 27,480 and the 50-share Nifty was up 26 points at 8,275.
In the broader market, both the BSE Midcap and Smallcap indices have performed better than the front-liners with gains of around 0.6% each. Market breadth in BSE is positive with 1,269 advances against 685 declines.
Meanwhile, foreign institutional investors were net buyers in Indian equities worth Rs 277.92 crore on Tuesday, as per provisional stock exchange data.
Buzzing Stocks
BSE Metal and Power indices up 0.6% each are the lead gainers followed by BSE Oil &Gas index and BSE Bankex which have gained around 0.5% each. BSE Auto index, down 0.3% is the only loser among sectoral indices.
In a move which is likely to impact auto and consumer durable stocks, the finance ministry has decided not to extend excise duty cuts on automobiles and consumer durables beyond Wednesday, December 31, in order to meet the Budget target of bringing fiscal deficit down to 4.1% of GDP.
Bajaj Auto and M&M have declined 0.9%, and 1.4% respectively. Tata Motors, Maruti Suzuki and Hero Motocorp have lost between 0.2% and 0.4% each.
Metal stocks have rebounded in today’s trade. Sesa Sterlite, Tata Steel and Hindalco have gained 0.7%, 0.9% and 1.6% respectively.
Financials are largely trading higher with ICICI Bank, up 0.8% leading the gains followed by Axis Bank, up 0.6%, SBI, up 0.4% and HDFC, up 0.2%.
Oil and shares have gained in today’s session after Brent crude oil fell to a five and a half year low, below $57 a barrel on Tuesday, as a global supply glut outweighed concerns of lost supply from Libya, where battling militias have closed ports. ONGC, GAIL and Reliance have gained around 0.2%, 0.5% and 0.7% respectively.
Lupin has gained around 0.4% after receiving tentative approval from the US health regulator to market a generic version of Prezista tablets, used in treating HIV infection. Among other pharma shares, Cipla and Dr Reddys Lab have gained 0.5% and 0.9% each.
Among other shares, Wockhardt has slipped by nearly 2% after voluntarily recalling certain lots of drugs in the US, according to the US Food and Drug Administration (USFDA).
