After a flat start, the Indian stock indices have moved higher Tuesday morning, even as the mood remains a bit cautious amid a lack of positive triggers.
However, after gaining over 100 points, the Sensex retreated, giving up most of its gains, as the mood turned cautious with investors looking ahead to the GDP data and reports on India's manufacturing activity, both due later in the week.
The BSE benchmark Sensex, which rose to 31,220.38 from an early low of 31,064.04, is currently up 34.66 points or 0.11% at 31,143.94. The Nifty50 of the National Stock Exchange is up 5.50 points or 0.6% at 9610.40, after touching a low of 9581.20 and a high of 9631.60 earlier.
In the forex market, the rupee opened at 64.64 against the U.S. dollar, down 14 paise from its previous close of 64.50 a dollar.
ICICI Bank, the top gainer in the Sensex, is up nearly 3% at Rs 324. NTPC and Adani Ports are up nearly 2%. GAIL India, Axis Bank, Tata Motors, Mahindra & Mahindra and State Bank of India are up 1% - 1.5%. Infosys, Asian Paints, State Bank of India, Hero Motocorp, Tata Steel and ONGC are modestly higher.
Pharma majors Lupin, Dr Reddy's Laboratories and Cipla are gaining 2.3% - 2.6%, while Sun Pharmaceutical Industries, which declined sharply in the previous session on disappointing results, has gained about 1.3% thanks to bargain hunting and short-covering.
Power Grid Corporation is declining by about 2%. Coal India is down 1.6%, Tata Consultancy Services and ITC are lower by around 1.1% and Hindustan Unilever is down nearly 1%. Larsen & Toubro, HDFC Bank and Bharti Airtel are down marginally.
Aurobindo Pharma, the biggest gainer in the Nifty50 index, is up almost 10%. The company has reported a 4% decline in consolidated net profit at Rs 532.22 crore for the quarter ended March 2017, compared to year-ago quarter. Total income was down 2.6% in the fourth quarter. For the full year, Aurobindo Pharma's net profit was up 13.7% at Rs 2301.2 crore.
Tech Mahindra, a prominent loser in the previous session after the company reported weak quarterly results, is up 1.5% this morning. Hindalco is gaining about 1.1%. Indian Oil Corporation and Bank of Baroda are up 1.75% and 1.5%, respectively.
