Markets trading marginally higher

Sterlite Industries top gainer on the Sensex

Market are trading marginally higher in trades today ahead of the October derivatives expiry. The Sensex is up 53 points at 18,758 and the 50-share Nifty is up 13 points 5,704.

According to Ravi Nathani, technical analyst, Nsetoday.com, "Nifty is range Bound on charts whereas stong resistance is expected around 5,725 & support is expected around 5,630. Close above / below would add trigger in the direction."

Meanwhile, Sterlite Industries is the top gainer among the Sensex stock,s up 2.7% at Rs 101 on reporting better-than-expected 75% year-on-year (yoy) jump in its consolidated net profit at Rs 1,743 crore for the quarter ended September 2012 due to forex gain and increase in power sales.

HDFC, Mahindra & Mahindra, ONGC, Hindalco, Hero MotoCorp, Najaj Auto, Gail India, Reliance Industries and ITC are also trading higher by 0.6-1% each.

On the other hand, Dr Reddy's Labs, Sun Pharma, Maruti Suzuki, Infosys, SBI, Cipla, Tata Motors, HUL and L&T are among the losers.

On the sectoral front, BSE oil & gas index is the top gainer, up 0.6% at 8,509. Metal, auto, bankex, FMCG and PSU indices are trading flat, up 0.2-0.5% each. At the same time, realty, consumer durables, capital goods, yeck, healthcare and power indices are down 0.10.5% eacvh.

Among the individual stocks, Hawkins Cookers has moved higher by 7% to Rs 1,955 after the company said it has received a No Objection Certificate (NOC) from the Punjab Pollution Control Board for Hoshiarpur factory. The company has also resolved the workers problem in company’s factory in Uttar Pradesh by the signing of a wage agreement.

Lupin is trading higher by 2% at Rs 574 on reporting higher than expected operating profit margins (OPM) at 23% for the quarter ended September 2012 against 21.68% in June quarter on back of reduced research and development (R&D) expenses during the period.

The broader markets are trading fla. The BSE mid-cap and small-cap indices are up 0.2% each.

The overall breadth is neutral as 1,224 stocks are advancing while 1,211 stocks are declining.