Sensex, Nifty remain firm: HUL up 3%

At 11.45 am, the Sensex is at 27,759, higher by 83 points and the Nifty is at 8,392, up 13 points

Benchmark indices are trading firm in the late morning trades on renewed buying interest in blue-chips at attractive valuations with Sun Pharma contributing the most to the rise on heavy buying by the foreign investors via open market on Tuesday. A strengthening of rupee further boosted the sentiments.

However, IT stocks are heading for their sixth day of losses after Wipro's Q4 revenues declined by  1.2% to $1,775 million and disappointing muted dollar revenue guidance for the June quarter.

At 11.45 am, the Sensex is at 27,759, higher by 83 points and the Nifty is hovering around the 8,400 mark at 8,392, up 13 points. The midcap and smallcap indices are also in the green and are trading higher by 0.4% and 0.6% each.

Meanwhile, proceedings in the parliament wille be keenly observed as the government hopes to pass the Constitution Amendment Bill for the introduction of a nationwide Goods and Services Tax (GST) in the country. Also, all eyes are on the Indian Meteorological Department (IMD) as it gets ready to release its first forecast for the monsoon season from June to September in the country later during the day.

RUPEE

The Indian rupee has opened flat at 62.81 per dollar on Wednesday against previous day's closing value of 62.85 a dollar.

BUZZING STOCKS

On the sectoral front, BSE Healthcare, Realty, Capital Goods and FMCG indices are trading higher up to 1.5%. However, BSE IT index is losing sheen and is down over 1%.

In the capital goods space, Bharat Electronics, BEML and Siemens have strengthened by about a percent each.

In the FMCG space, Hindustan Unilever has added 2.2% at Rs 893, while Dabur and United Spirits have added about a percent each. ITC is trading with marginal gains. Century Textiles & Industries is reportedly in talks with ITC  to sell its paper division. Moreover, the company’s textile division will be merged with Aidtya Birla Nuvo.

In the pharma space, Shares of Sun Pharmaceutical Industries were trading higher by nearly 3% after foreign investors bought shares of the drug maker via open market on Tuesday. Among its peers, Dr Reddy’s Lab and Cipla are trading higher by 2%.

Fertilizer companies are in focus. Minister of State for Chemicals and Fertilizers Hansraj Gangaram Ahir told the Lok Sabha on Monday that a New Urea Policy (NUP) was under the consideration of the government. Tata Chemicals and Godaveri Fertilisers added aboout a percent each on the BSE.

Tyre stocks are under pressure due to a rise in global rubber prices. MRF, Ceat and JK Tyres have lost around a percent each on the BSE.

Indiabulls Real Estate, Prestige, Unitech and HDIL from the realty segment are trading higher up to 3% on renewed buying.

M&M is trading higher by 2% on talks of stake hike in Ssang Yong.

Oil and Gas majors ONGC and GAIL have slipped in the red and are down up to 0.7% on further decline in the oil prices.