Sensex up 135 points as buying gains momentum

Last Updated: Mon, Dec 02, 2013 06:17 hrs

Thanks to sustained buying in key healthcare, banking and capital goods stocks, the market, which had retreated after an impressive start, has gained in strength again this morning.

Select stocks from realty, automobile, power and information technology sectors too have surged higher. Metal, consumer durables, oil and FMCG stocks are trading mixed.

The Sensex is up 135.12 points or 0.65% at 20,927.05, slightly off the day's high of 20,941. At 6223.15, the Nifty is up 47.05 points or 0.75% from its previous close.

Ranbaxy Laboratories has rallied to Rs 448, gaining nearly 6.5%, on strong volumes. On the National Stock Exchange, the Ranbaxy counter has clocked a volume of over 2.7 million shares this morning.

Jindal Steel & Power, IDFC, Axis Bank, ICICI Bank, Sun Pharmaceutical Industries, Punjab National Bank, Bank of Baroda, Larsen & Toubro and State Bank of India are up 1.5% - 3%.

Power Grid Corporation is down 1.1% at Rs 94. Earlier, the stock declined to Rs 92.10. following the company setting the price for its follow on public offering, at Rs 85 - 90, lower than ruling market price.

ONGC is down 3.3% at Rs 289. Hindustan Unilever is trading lower by 1.6% at Rs 585. GAIL India, Hindalco and Tata Steel are down 1% - 1.5%.

Maruti Suzuki is down marginally. The company has announced that its total sales declined 10.7% to 92,140 units in November 2013 over November 2012. Domestic sales dropped 5.9% to 85,510 units in November 2013 over November 2012. Export sales declined 46.2% to 6,630 units in November 2013 over November 2012.

Amtek India (up 16% at Rs 77.70) moved up on strong buying thanks to impressive quarterly results. Net profit of the iron cast automotive components supplier jumped 86.8% year-on-year to Rs 55.1 crore despite higher total and tax expenses during July-September quarter. Net sales for the second quarter climbed 49% to Rs 558.2 crore from Rs 374.8 crore, the company said.

Sabero Organics is up shaprly following the Gujarat Pollution Control Board revoking its closure order of the company’s unit for a period of 3 months. “The GPCB, subsequent to their visit and inspection of the company's unit, has vide its letter dated November 30, 2013 has revoked its closure order for a period of 3 months during which period company will ensure adherence of guidelines stipulated by GPCB,” Sabero Organics said in a statement.

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