Markets are holding firm after the positive opening, helped by technology and pharma stocks. Select metal stocks have also made a come back. The overall positive trend in Asian markets and covering of short positions ahead of derivative expiry on Thursday are helping market sentiments.
The Sensex is trading higher by 50 points at 11135 at 01.10 PM.
The Nifty is trading higher by 17 points at 3342.
VSNL has gained further from the early highs and is trading nearly 3.5 per cent, making it the biggest gainer among index stocks.
Ranbaxy has also added to its early gains following the acquisition of a Romanian generic pharma company. The stock is now traing nearly 3.5 per cent.
Among the other pharma stocks, Glaxo has gained close to 3 per cent while Sun Pharma is trading nearly 2.5 per cent higher.
Technology stocks are holding on to their early gains. Infosys, Satyam and Wipro are all trading with gains of around 2 per cent each. HCL Technologies has added over 1.5 per cent.
TCS is subdued after a large foreign brokerage downgraded the stock.
Hindalco is another stock, which has gained further, in early afternoon trades. The stock is now trading with gains of close to 3 per cent.
SCI is the other major gainer among index stocks.
SAIL has lost substantially after opening weak today. The stock is now trading nearly 4.5 per cent lower.
Tata Tea has lost ground in early afternoon trades and is now trading more than a per cent lower.
Among the financial sector stocks, PNB and HDFC have lost more than a per cent each. OBC has declined nearly a per cent.
ACC, Hero Honda, HLL and MTNL are among the other losers.
Mid-caps have given up part of the early gains though the market breadth continues to be positive with more than 2 stocks advancing for every declining stock. The mid-cap index is trading with gains of around 0.3 per cent.
Sugar stocks are holding firm with Triveni Engineering, KCP Sugar, Dharani Sugar and Rajshree Sugar among the major gainers.
SPL Limited, ETC Network and Bharat Gear are among the major gainers in mid-caps.
Titanor Components, Sanwaria Agro and Greenply are among the mid-cap losers.