Sensex up nearly 350 points as buying intensifies; Bank stocks sparkle

Sensex up nearly 350 points as buying intensifies; Bank stocks sparkle

Last Updated: Fri, Oct 18, 2013 06:11 hrs
​Happy bse

The market, which opened on a buoyant note this morning, has moved further up north in style with key stocks from banking, metal, realty and automobile sectors posting strong gains on sustained buying support.

Oil, PSU, consumer durables, power and healthcare stocks are also mostly trading higher. Select capital goods and FMCG stocks are trading firm. Information technology stocks have edged higher after a subdued start.

The Sensex is now up 346.40 points or 1.7% at 20,761.91. The Nifty is up 97.05 points or 1.73% at 6152.90.

Among the stocks in the BSE Bankex, heavyweights ICICI Bank (3.2%), HDFC Bank (2.5%) and State Bank of India (3%) are up sharply. Axis Bank, Bank of India, Bank of Baroda, Canara Bank, Federal Bank, IndusInd Bank, Punjab National Bank, Union Bank of India and Yes Bank are all trading firm, gaining 2% - 5%.

Metal stocks Hindalco, Hindustan Zinc, Jindal Steel & Power, JSW Steel, NMDC and SAIL are up 1% - 2.5%. Sesa Sterlite and Tata Steel are trading higher by 4.3% and 4.2%, respectively.

Among the stocks in the Realty index, Prestige Estates is up nearly 5.5%. Anant Raj, DB Realty, DLF, Godrej Properties, HDIL, Indiabulls Real Estate, Sunteck Realty and Unitech re up 1% - 3.5%.

Automobile stocks Hero Motocorp (1.8%), Mahindra & Mahindra (2.3%), Maruti Suzuki (2.2%), Tata Motors (2%) and Ashok Leyland (2%) are trading firm. Bajaj Auto, however, is trading weak, losing about 0.2%.

Thanks to a strong rupee and a decline in crud oil prices, shares of state run oil marketing firms Hindustan Petroleum Corporation, BPCL and Indian Oil Corporation moved higher this morning. While HPCL and BPCL gained over 1.5% each, Indian Oil Corporation surged up nearly 1%.

Crude oil's decline has helped aviation sectors stocks as well. SpiceJet, Kingfisher Airlines and Jet Airways, all surged higher and posted impressive gains.

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