Sensex up 126 pts as blue chips extend gains

Last Updated: Wed, Jul 17, 2013 05:42 hrs

The market, which opened on a bright note on the back of the government's decision to push forward reforms by hiking FDI limits in a dozen sectors, remains firmly entrenched in positive territory now, thanks to sustained buying in telecom, consumer durables, power, FMCG and information technology stocks.

Capital goods, realty and oil stocks are also finding good support. Select healthcare stocks have moved higher. Automobile and metal stocks are a bit flat, while bank stocks continue to trade weak.

At 19,977, the Sensex is now up 125.77 points or 0.63% from its previous close. The Nifty index of the National Stock Exchange is up 32.30 points or 0.54% at 5987.55 at present.

Dr Reddy's Laboratories is up 2.2%. Tata Consultancy Services, ITC, BHEL, Tata Power, Reliance Industries, NTPC, Mahindra & Mahindra, Jindal Steel & Power, Wipro, HDFC and Larsen & Toubro are up 1% - 1.8%.

Reliance Infrastructure, the top gainer in the Nifty index, is up nearly 2.5%. Jaiprakash Associates, Asian Paints and Ambuja Cements are also trading higher by over 2%.

ACC, Power Grid Corporation, HCL Technologies, Ultratech Cement and IDFC are up 1% - 1.8%.

Infosys, Bharti Airtel, Hero Motocorp, Hindalco, DLF, Bank of Baroda, Kotak Bank and Bajaj Auto are up with modest gains.

Axis Bank, IndusInd Bank, HDFC Bank, ICICI Bank, Punjab National Bank, Ranbaxy Laboratories, Tata Motors, Tata Steel, Cairn India, Coal India, BPCL, ONGC, Cipla and Maruti Suzuki are trading weak.

Among telecom stocks, Idea Cellular, Tata Teleservices, Bharti Airtel, MTNL and Reliance Communications all moved up sharply on hike in FDI limit, but gave up some gains subsequently due to profit taking.

Development Credit Bank shares are up nearly 3% on strong results. The bank said its net profit more than doubled to Rs 43 crore for the quarter ended June 2013. Underlying net profit, excluding the onetime treasury gains and operating costs, was at Rs 35 crore for the quarter. Net interest margins improved to 3.44% in the first quarter, as against 3.18% in the correspoding quarter last fiscal.

Shasun Pharmaceuticals Limited has announced that it has successfully completed USFDA inspection during the first week of June 2013. The company said that the main focus of the inspection was for post approval of certain products that were recently launched by its customer in US. Shasun Pharma shares are currently trading at Rs 77.70, up nearly 8% from Tuesday's closing price.

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