Sensex pares some gains after upbeat start; HDFC Bank spurts

Last Updated: Fri, Feb 17, 2017 10:33 hrs
People watch a large screen displaying India's benchmark share index on the facade of the BSE building in Mumbai

The Indian stock market got off to a rousing start Friday morning, with investors flocking the HDFC Bank counter after the Reserve Bank of India allowed foreign institutional investors to buy more shares in the bank.

Despite a lack of triggers from global markets, a few other front line stocks too moved up, lifting the key indices Sensex and the Nifty50 up fairly sharply in opening trades.

The BSE benchmark Sensex, which soared to 28,726.26, gaining about 425 points in a flash, is up 181.44 points or 0.65% at 28,482.71 now. The Nifty50 of the National Stock Exchange, which zoomed to 8896.45, is up 45.40 points or 0.52% at 8823.40.

In the forex market, the rupee opened at 67.12 against the U.S. dollar, down 5 paise from its previous close of 67.07 a dollar.

HDFC Bank spurted to Rs 1450, a new 52-week high, in early trades, and despite having eased to Rs 1412 now, remains high up in positive territory with a gain of nearly 6.5%. The bank will announce its quarterly results later in the day.

HDFC, the housing finance stock, is up 1.2% at Rs 1410, after having surged to Rs 1435 in early trades.

Sun Pharmaceutical Industries is gaining 1.3%. Tata Motors, Lupin, Axis Bank, Larsen & Toubro, ONGC and Adani Ports are up 0.3% - 1%.

IndusInd Bank, Kotak Bank, Yes Bank, BPCL, Bosch, Tata Motors DVR, Grasim Industries, Aurobindo Pharma and Tata Power are up 0.5% - 1.5%.

Idea Cellular is down more than 4%. BHEL, Hindalco, Bharti Infratel, Hero Motocorp, Eicher Motors, Coal India, State Bank of India, Bajaj Auto, Maruti Suzuki and ICICI Bank are down 0.5% - 1.5%.

Among IT stocks, Infosys is declining 1.6%, HCL Technologies is down 1.4%, Tata Consultancy Services is lower by about 1.3% and Wipro is down nearly 1%, while Tech Mahindra is down by about 0.8%.

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