Markets cautious ahead of IIP data; Infy up 3%

Reliance industries, TCS and Sun Pharma among the top gainers

After a flat to negative opening, the benchmark indices have marginally advanced in the morning deals on account of buying in Infosys, Reliance industries, TCS and Sun Pharma.

Further, investors would focus on the November index of industrial production data to be released later today.

At 1015 hrs, the Sensex was up 40 points to 20,753 and the Nifty was up seven points to 6,175.

The broader markets too gained with the mid and smallcap indices up nearly 0.2% each.

On the sectoral front, Bankex, Power, Metal and Auto were the only indices in the red, down 0.1-0.6%.

Meanwhile, IT index up 2%, Oil & gas and Capital Goods indices up 0.7-0.9% were the top gainers.  

Infosys up nearly 3% at Rs 3,550 after reporting a better-than-expected 19.4% quarter-on-quarter growth in consolidated net profit at Rs 2,875 crore for the quarter ended December 31 2013 (Q3). Analysts on an average had expected net profit of Rs 2,681 crore for the quarter.

The country’s second-largest software services provider had profit of Rs 2,407 crore in September quarter.

Meanwhile, Infosys has raised the FY14 dollar revenue guidance to 11.5-12% from 9-10% earlier.

Wipro and TCS too added 1% each.

Sun Pharma, Reliance Industries, L&T and BHEL up 0.6-1.5% were the other major gainers.

Sesa Setrlite, Mahindra & Mahindra down 2.4% each were the top losers along with Coal India, Bajaj Auto, ICICI Bank, Axis Bank, NTPC, Hindalco and Gail India down 1-1.5%.

Jubilant FoodWorks has dipped over 3% to Rs 1,191 after index provider MSCI excluded the company from the MSCI global small-cap index.

According to MSCI statement on website, Jubilant FoodWorks to be deleted from MSCI Global Small-Cap Index from January 14, the Bloomberg report suggests.

The market breadth was positive on the BSE. 971 stocks advanced while 723 stocks declined.