BSE Sensex gains; Corp Bank up 6%, Uco Bank falls 4%

Moneycontrol Bureau

The market was heading higher in afternoon trade. The Sensex was up 73.52 points at 19962.47, while the Nifty gained 14.10 points to be at 6057.65.

In a major political development, Congress has crossed the majority mark and is set to form the government in Karnataka. There is tussle for the Chief Minister's post among the contenders.

Meanwhile, FMCG stocks have held up the market even as banks, capital goods and metals remained under pressure.

HDFC, Tata Motors, ITC, HUL and HDFC Bank were the big gainers in the Sensex.

The market gave thumbs up to Corporation Bank (up 6.14 percent). The bank has posted flat profit in January-March quarter, but impressed with a sharp fall in bad loans to 1.72 percent of total loans from 2.18 percent in the previous quarter.

Hero MotoCorp, L&T, Jindal Steel, Tata Steel and Bharti Airtel were the losers in the Sensex.

Uco Bank tanked 4 percent as March quarter profits dipped 80 percent as a result of aggressive provisions. Provisions was up 114 percent year-on-year.

Oracle Financial Services fell 5 percent as promoters planned to sell stake via offer for sale to meet public shareholding norm.