Sensex up 470 points in late noon trade; rupee rallies

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Sensex up 470 points in late noon trade; rupee rallies
The Sensex and the rupee continue their rally in trade today with the Sensex gaining a staggering 470 points in afternoon trade, even as the rupee recovered 100 paise over Friday's close.

Among the stocks that staged a spectacular rally in trade were Tata Motors which surged 7 per cent on better then expected numbers. Infrastructure major Larsen and Toubro was up 6.23 per cent at Rs 803, HDFC was up 5.4 per cent and Ultratech Cement 5.26%.

Other notable gainers in trade were Bharti Airtel which rallied more then 3 per cent after the Telecom Regulatory Authority cut the reserve spectrum price by 80 per cent.

Banking stocks were on fire once again with Axis Bank leading gainers and rallying a huge 4.7%, while Yes Bank rallied 4.57% and Punjab National Bank was up 3 per cent.

Joining banking stocks higher were Grasim, Jindal Steel, DLF, Hindalco, Sesa Goa and Tata Steel.

IndraPrashtha Gas also rallied after the company increased CNG prices in Delhi. Realty stocks were also in the limelight in trade with Indiabulls, Anant Raj and Oberoi Realty all gaining 2-3 pert cent.

Heavyweights, ITC and Reliance also gained in trade adding to strength in the Nifty. The only stocks that lost ground in trade from the Nifty were Cairn India, Lupin, BPCL and Hindalco.

Software firm Tata Consultancy Services was subdued, though other IT stocks like Infosys continued to see buyers jumping more then 2 per cent.

Meanwhile, the rupee gained more then 100 paise in trade and was last trading at 64.25, gain of 102 paise over Friday's close.

Asian markets were also strong with the Jakarta Composite jumping more then 2 per cent and the Nikkei rallying 1 per cent in trade.

Read more about: sensex, bharti airtel, tcs, infosys
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