Sensex trading 31 points higher

Frontline Indian indexes have given up more of their early gains as technology stocks remain under pressure. Other Asian markets are holding on to their gains while Europe has opened modestly higher

Sensex is trading higher by 31 points at 13965 at 01.10 PM IST.

Nifty is now trading higher by 12 points at 4129

Oil marketing stocks continue to be the best performers, though they have come off their highs. HPCL and BPCL are holding on to gains of over 2.5 per cent each

Reliance Industries is holding on to gains of over 1.5 per cent

Among pharma stocks, Ranbaxy and Sun Pharma have added over 2 per cent each

ABB has gained over 2 per cent while L&T is trading nearly 1.5 per cent higher

HDFC, Hero Honda and Nalco are the other major Nifty gainers

Among smaller banks, UTI Bank has rallied nearly 4.5 per cent and ING Vysya has added 3.5 per cent. IDBI is trading 2 per cent higher

Technology stocks remain weak in the afternoon as well. Satyam is still the worst performer with losses of over 1.5 per cent while Wipro has lost nearly 1.5 per cent

Infosys and HCL Tech have lost well over 0.5 per cent each

Hindalco has slipped nearly a per cent and SAIL is down nearly 0.5 per cent

Dr Reddy and Cipla are still down 0.5 per cent each

Tata Power and Tata Motors have lost over 0.5 per cent each

Mid-caps and small caps are holding on to most of their gains. The NSE mid-cap index is now trading with gains of close to 0.2 per cent. BSE mid-cap index has gained 0.35 per cent and the BSE small-cap index is trading 0.55 per cent higher.

Among entertainment and related stocks, Cinevistas remains locked in 20 per cent upper circuit for the second session while Crest Animation and K Sera Sera are locked in 10 per cent upper circuits.

Thomas Cook India, Kinetic Motor and Enkei Castalloy are locked in 10 per cent upper circuits

Technocraft Industries, Birla VXL, Atlas Cycles and Jindal Photo are the other major gainers among mid-caps and small caps

GSFC, Cyber Media, STI India, Shoppers Stop, Teledata, BAG Films, HOCL, Today's Writing, AVT Natural and Supreme Yarn are the other major losers among mid-caps and small-caps

Thomas White Global Research, part of the Thomas White International Group, publishes capital market research for global institutions and investment banks.

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