Nifty ends higher; HUL rallies 9% on price hike

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 Nifty ends higher; HUL rallies 9% on price hike
Markets ended the day with a sharp surge of 9 per cent in the Hindustan Unilever stocks pushing benchmark indices higher.

The Nifty ended the day with gains of 18 points. Among the shares that rallied were Hindustan Unilever, which jumped after reports that the company had hiked the prices in its personal care products.

Other FMCG stocks Colgate and Cigaratte to FMCG major ITC also gained ground. Software stocks gained for a second day in a row as the rupee continued to weaken despite RBI measures. TCS gained ahead of its results to be declared later on Thursday.

Banking shares were weak in trade with both private sector and PSU banking stocks losing ground. ICICI Bank, Axis Bank dropped sharply, while HDFC Bank which reported a good set of numbers also saw some selling pressure.

IT stocks gained in trade with TCS and Infosys among the notable gainers. Ranbaxy Labs came in for selling pressure after reports that two its its plants were under the US FDA scanner.

PSU banking stocks were badly hit in trade with Oriental Bank of Commerce dropping more then 6 per cent and Union Bank falling 8 per cent.

Realty stocks also lost ground in trade with Sobha and Unitech falling. Meanwhile, most of the markets in Asia ended the day with gains.

Read more about: sensex, nifty
Story first published: Wednesday, July 17, 2013, 15:18 [IST]
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