While both Sensex and the Nifty have shed much of the gains they made in the early morning trade, they still are in positive territory but the gains do not appear to be evenly spread across the sectors or even among all the stocks within a sector.
The market’s relief that there is no imminent threat to the ruling coalition at the Centre probably appears to be the reason for its pull back from yesterday’s lows than any material change in the domestic or global situation that warranted such a response.
The major Nifty gainers belonged to banking, automobile, software and healthcare. But the gains were not evenly spread and the investors seemed to be stock specific.
In the banking sector, Axis Bank, PNB and SBI were the major gainers. While Axis Bank was up Rs 33.95 at Rs 1,183.95, SBI surged Rs 74.60 at Rs 2,250.65 and PNB was up by Rs 20.55 at Rs 961.60.
In the capital goods space, Siemens edged up by Rs 23.10 at Rs 789.50 and L&T gained Rs 26.20 to trade at Rs 1,292.95.
Among the auto stocks, the big gainers were Bajaj Auto that was up by Rs 31.90 to trade at Rs 1,733.80, Maruti which gained Rs 29.30 at Rs 1,344.50.
In the IT segment, while Infosys gained Rs 48.75 at Rs 2,858.60, the other IT stocks such as TCS, Wipro and HCL Tech, made only marginal gains.
The Nifty losers were Reliance, Sterlite, GAIL, Tata Power and Cipla but the loss was insignificant.