Sensex up 207 points as bulls continue to hold fort

Last Updated: Fri, Nov 02, 2012 08:26 hrs

The Indian stock market has moved up smartly this afternoon with investors going on a buying spree, buoyed by latest batch of economic data from the U.S., some impressive results from India Inc and fairly upbeat automobile sales data for October.

The Sensex, which rose to 18,793.75, is now up 207 points or 1.11% at 18,768.70. The Nifty is up 53 points or 0.94% at 5698.05, slightly off the day's high of 5711.30.

Capital goods, information technology, automobile, FMCG and bank stocks are mostly trading higher. Several stocks from metal, realty and power sectors too are up in positive territory with notable gains. Consumer durables stocks are edging higher after a subdued start, while oil stocks are moving in a tight range around their last closing levels.

Bajaj Auto is up 3.2% following a sharp surge in vehicles sales in October. Mahindra & Mahindra, up 2.5%, has also moved up smarly on impressive sales data. Hero Motocorp is up by a little over 2%, while Maruti Suzuki and Tata Motors are up 1.1% and 0.6%, respectively.

Larsen & Toubro is up 2.6%, with the company's strong order book triggering hectic buying at the counter. BHEL, the other capital goods heavyweight in the Sensex, is up 1.2% at present.

Information technology heavyweights Wipro (2%), Tata Consultancy Services (1.7%) and Infosys (1.6%) are up with strong gains.

GAIL India, ITC, Sterlite Industries, NTPC, ICICI Bank, State Bank of India, Coal India, Hindalco, Cipla, Tata Steel and Maruti Suzuki are also up with impressive gains.

Union Bank of India has moved up more than 6% following the bank reporting a 57% year-on-year jump in net profit at Rs 554 crore. The bank had posted a net profit of Rs 353 crore in the corresponding quarter last year. The bank's net interest income grew 11% at Rs 1850 crore, year-on-year. Net interest margins, however, declined marginally to 3.02% from 3.21% during the quarter. The bank's provision against bad loans and other contingencies declined 22% to Rs 487 crore against Rs 623 crore.

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