Sensex up 204 points as buying gathers momentum; NBFC stocks rally

Last Updated: Tue, Nov 29, 2016 13:38 hrs
A man looks at a screen across the road displaying the Sensex on the facade of the Bombay Stock Exchange building in Mumbai

Even as bank stocks are a bit subdued despite having recovered from previous session's setback, shares of non-banking financial companies, which had taken a severe beating in recent sessions, are having a good spell in positive territory today.

Meanwhile, the broad market has gained in strength, with several stocks from across various sectors edging higher on renewed buying interest.

The Sensex is now up 203.50 points or 0.77% at 26,553.67. The Nifty50 of the National Stock Exchange is at 8189.10, up 62.20 points or 0.77% from its previous close.

Among the stocks in BSE Bankex, IndusInd Bank is up 1.5%. Federal Bank, ICICI Bank, Yes Bank and State Bank of India are up 0.75% - 1%. Punjab National Bank and Bank of Baroda are modestly higher and HDFC Bank is up marginally, while Axis Bank and Kotak Bank are slightly weak. Canara Bank is up 1.2%. IDBI Bank, Oriental Bank of Commerce, Allahabad Bank, Syndicate Bank and Oriental Bank of Commerce are up marginally.

Among the stocks in the non-banking financial companies space, Bharat Financial Services is up 7.5% thanks to a rating upgrade of the stock by a foreign brokerage. Manappuram Finance is up 5%, Dewan Housing Finance is gaining 5.5%, Bajaj Finance is adding 4.5%, Muthoot Finance is up 7%, Mahindra & Mahindra Financial Services is rising 4%, Edelweiss Financial Services is up 3.5%, L&T Finance Holdings is gaining 2.6% and Indiabulls Housing Finance is trading 2.1% up.

Hindustan Composites lost 4.13% to Rs 1,649 at 10:50 IST on BSE after net profit fell 32% to Rs 10.88 crore on 9.9% decline in net sales to Rs 44.31 crore in Q2 September 2016 over Q2 September 2015.

Triveni Engineering & Industries is up 4.5% on strong results. The company reported consolidated net profit of Rs 67.92 crore for the quarter ended September 2016, up 205.53% over year-ago quarter.

Cox & Kings is down sharply after the company reported a 16.3% decline in net profit at Rs 34.32 crore in the quarter ended September 2016, compared to the corresponding quarter of the previous year.

More from Sify: