Mid-Market—Sensex, Nifty remain upbeat as banking stocks make smart comeback Analysis for Sep 05, 2013

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Indian markets remained upbeat during the afternoon session with the commentary of new RBI governor Raghuram Rajan lifting the hopes of the investors that there would be a lot of activity on Mint Road in the coming months to save the country"s credit rating. The BSE Sensex, which rallied as much as 550 points in the morning, was hovering around 19,000-levels with heavyweight stocks like ICICI Bank, HDFC Bank, ITC, HDFC, SBI leading the gains. Banking stocks were driving the rally mainly today as rupee recovered sharply after slew of measures announced by Rajan yesterday. Meanwhile, the gains were still capped by decline in IT stocks today which were hit by profit booking as well as rupee"s strength.

At 12:34PM BSE SENSEX was at 18945.21 up by 377.66 points or by 2.03 per cent while NSE Nifty was at 5588.7 up by 140.6 points or by 2.58 per cent.

The BSE MIDCAP was at 5409.93 up by 80.03 points or by 1.5 per cent, while the BSE SMLCAP was at 5287.21 up by 56.25 points or by 1.08 per cent.

The top gainers of the BSE Sensex pack were ICICI Bank Ltd. (Rs. 886.60,+8.40%), State Bank of India (Rs. 1593.00,+6.84%), HDFC Bank Ltd. (Rs. 598.45,+5.71%), Housing Development Finance Corporation Ltd. (Rs. 748.25,+5.58%), Oil And Natural Gas Corporation Ltd. (Rs. 267.95,+4.40%), among others.

The top losers of the BSE Sensex pack were Infosys Ltd. (Rs. 3010.00,-3.09%), Tata Consultancy Services Ltd. (Rs. 2010.35,-2.69%), Wipro Ltd. (Rs. 469.00,-2.61%), GAIL (India) Ltd. (Rs. 297.60,-1.67%), Tata Steel Ltd. (Rs. 285.55,-1.48%), among others.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total shares traded 2128, shares advanced were 1286 while 706 shares declined and 136 were unchanged.

In BSE, BSE_Bankex index was at 10848.32 up by 770.98 points or by 7.65%. YES Bank Ltd. (Rs. 271.95,+15.04%), Federal Bank Ltd. (Rs. 275.75,+13.01%), Axis Bank Ltd. (Rs. 900.15,+12.23%), ICICI Bank Ltd. (Rs. 886.60,+8.40%), Kotak Mahindra Bank Ltd. (Rs. 658.00,+8.11%),.

In BSE, BSE_CDS index was at 5739.46 up by 237.74 points or by 4.32%. Titan Company Ltd. (Rs. 229.55,+6.32%), Whirlpool of India Ltd. (Rs. 159.50,+2.97%), Rajesh Exports Ltd. (Rs. 104.05,+2.71%), TTK Prestige Ltd. (Rs. 3459.00,+2.28%), Blue Star Ltd. (Rs. 135.50,+1.31%),.

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Story first published: Thursday, September 5, 2013, 12:48 [IST]
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