Sensex up 39 pts, capital goods stocks surge

Selling pressure in tech stocks and range-bound (positive) trend in most of the heavyweight stocks has dragged the index below the 7,800 mark in early noon trades. While the Sensex is now up 39 points at 7,795, the Nifty is steady at 2,365 - up eight points.

Reliance Industries (up Rs 13 or 1.80% to Rs 727) and Reliance Energy (up Rs 12 or 1.84% to Rs 644) are displaying a range-bound trends. ITC has gained 1.24% (Rs 21) to Rs 1,735. ONGC, however, is subdued at Rs 962 - down Rs 4.

BHEL is trading firm with a gain of 3.29% (Rs 34) at Rs 1,055. Hindalco at Rs 1,330 (up Rs 18 or 1.38%), L&T at Rs 1,321 (up Rs 29 or 2.28%) and Tisco at Rs 385 (up Rs 16 or 4.48%) have registered strong gains.

HDFC Bank has trimmed gains and is now up 1.12% (Rs 8) at Rs 683. While ICICI Bank is exhibiting a range-bound trend at Rs 513 (down Rs 4), SBI is down a tad at Rs 811.

Infosys has dropped a per cent (Rs 22) to Rs 2,335, while Satyam has declined 1.20% (Rs 7) to Rs 538. TCS and Wipro, however, are marginally up at Rs 1,304 and Rs 733, respectively.

Dr. Reddy's and Cipla are trading lacklustre at Rs 847 and Rs 336, respectively. Ranbaxy, however, is trading in the green at Rs 509 - up Rs 9 or 1.71%.

Capital goods stocks have moved up sharply. Alstom has surged 12% (up Rs 28) to Rs 258. While Thermax has advanced 7.64% (Rs 50) to Rs 705, Amforge is up 5% (Rs 9) at Rs 189. Atlas Copco, KEC International, Praj Industries and Greaves Cotton have added 2-4% gains.