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Aug 17, 2012, 11.24 AM IST
The BSE Sensex extended gains more than 100 points due to further buying interest in technology, fast moving consumer goods, auto, banks and Tata group stocks. Index heavyweight Reliance Industries too was quite supportive with 1% gains.
Standard Chartered Securities feels the stability in global markets will support equities. According to him, top-end of the Nifty band may expand to 6,000.
Top lenders State Bank of India and ICICI Bank were up 0.9% and 1.24%, respectively. FMCG majors ITC and HUL went up 1.3-1.7%.
Country's largest car maker Maruti was up 1% after the RC Bhargava Chairman of the company said they would start Manesar plant from August 21. Analysts on an average feel the stock has already priced in all bad news and from here on, it will gain momentum ahead of festive season.
Good global sales numbers in July helped commercial vehicle major Tata Motors rally 2.44%. Group total global sales jumped 21% to 1,01,605 units and Jaguar & Land Rover sales rose 41% YoY to 26,921 units, but commercial vehicle sales increased just 1% YoY to 47,776 units.
India's largest software services exporters TCS and Infosys were up 1% each while their rival Wipro gained 0.7%. Housing finance company HDFC moved up 1%.
Engineering and construction major Larsen & Toubro was down 0.4%. Vedanta group's Sterlite Industries declined 0.9% as it will be excluded from Nifty 50 with effect from September 28.
Nearly three shares advanced for every share declining on the National Stock Exchange.
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