Markets close at another record high; IDFC rallies on banking license hopes

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Markets close at another record high; IDFC rallies on banking license hopes
Sensex28,077.18Sensex Quote-52.66 [0.19%]
Nifty8,693.05Nifty Quote-6.35 [0.07%]
Markets closed the day at another record high with sustained buying by Foreign institutional Investors in frontline stocks.

The Sensex ended the day with gains of 105 points, while the Nifty closed higher by 31 points at another record closing of 6752.55 points. Among the stocks that rallied in trade were some of the pharma stocks with Wockhardt hitting the 20 per cent upper limit, while other notable winners was Ranbaxy labs which jumped 10 per cent. Other notable winners from the pharma space were Lupin and Cipla.

Stocks of banking license hopefuls also gained ground with IDFC, LIC Housing and L&T Finance Holdings among the prominent gainers.

Among the few Nifty losers in trade today were Coal India, Grasim and Jindal Steel. Heavyweight, ITC also fell in trade today.

Software stocks were also in the limelight with TCS, Wipro and HCL Tech among the gainers. IL&FS Engineering was up more than 7 per cent, after the firm backed a order.

PSU banking stocks were once again the stars in trade with IDBI Bank, Bank of Baroda, Canara Bank, Union Bank and Syndicate Bank being among the winners.

However, shares of Axis Bank ended the day weak after the RBI banned share purchase by FIIs in the counter as the limit had been reached.

Meanwhile, markets across the globe ended the day with gains led by a sharp rally in the Japanese Nikkei. The Shanghai Composite and the Taiwan Weighted were other markets that saw gains.

Story first published: Wednesday, April 2, 2014, 14:42 [IST]
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