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Aug 08, 2012, 12.12 PM IST
The BSE Sensex and NSE Nifty remained higher with marginal gains amid volatility since early trade due to buying interest in Reliance Industries and Infosys. Tata Motors and SBI too played supportive role, but the fall in Bharti, ONGC, TCS, L&T, ICICI Bank and HDFC Bank capped the upside.
Saurabh Mukherjea of Ambit Capital expects high liquidity to continue supporting markets. Foreign institutional investors bought nearly Rs 5,000 crore worth of shares in India equity markets since July 27.
The market is now hoping that the government will kick start the process of reforms in the upcoming monsoon session. However, he said, "We don’t expect any significant reforms in the near-term."
Index heavyweight Reliance Industries gained nearly 1%. FMCG major Hindustan Unilever and software services exporter Infosys rose over 1%.
Commercial vehicle major Tata Motors climbed higher for the third consecutive session today with gains of 1.6%. Utility vehicle maker Mahindra & Mahindra rallied 1.8% ahead of first quarter numbers today.
Country's largest lender State Bank of India went up 0.7% while its rivals ICICI Bank and HDFC Bank declined 0.24% each.
Metals stocks extended gains; Jindal Steel, Hindalco Industries and Sterlite Industries rallied 2-2.5%.
Telecom operator Bharti Airtel remained under pressure with 3% losses after lower than expected Q1 net profit and operating profit.
State-owned oil & gas producer ONGC fell 1.5% and top software services exporter TCS lost 0.9%. GAIL tanked over 2%.
Indiabulls Financial Services, Indiabulls Power, Indiabulls Real Estate and Indiabulls Securities were down 1-4% after foreign research firm Veritas advised selling all Indiabulls group stocks. But, Indiabulls Wholesale Services gained 3% and Indiabulls Infrastructure and Power rallied 5%.
Strides Arcolab surged more than 4% after the company received US FDA approval for Oxaliplatin Injection that will be launched through Pfizer.
The broader markets gained 0.3% each as about 1268 shares advanced as against 1073 shares declined on the BSE.
ndian shares were consolidating around their previous closing values after a rally of more than 400 points on the Sensex this week.
The BSE Sensex and NSE Nifty started off trade on a flat note on Wednesday as they were consolidating at previous closing values after a rise of more than 2% this week.
May 22 2013, 11:25
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May 22 2013, 10:44
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