Sensex, Nifty end higher as geo-political tensions ease

Business

oi-Sunil

By Sunil Fernandes

Updated: Monday, August 11, 2014, 15:34 [IST]

The Sensex and the Nifty ended the day higher on the back of easing geo-political tensions across the globe, particularly with regards to Iraq and escalation of conflict there.

The Sensex ended the day higher by 190 points, while the Nifty ended the day higher by 57 points. Leading the set of gainers from the Nifty was Mahindra and Mahindra which jumped a huge 6 per cent. Other notable winners were IT Major Infosys and Maruti Suzuki. Tata Motors which is set to declare its results later today also notched up smart gains in excess of 2 per cent.

Power majors like NTPC and Tata Power ended the day weak along with the likes of Dr Reddy's and HDFC Bank.

Shares in IDBI Bank slid almost 3 per cent, after reports that the CBI was investigating the bank for loans to Kingfisher Airlines. Most of the other PSU Banking stocks ended the day with smart gains. However, Dena Bank dropped after its profits for the quarter ending June 30, 2014 fell sharply. The stock was down 4 per cent in trade.

The one sector that clearly outperformed today was the real estate sector after SEBI approved Real Estate Investment Trust. Among the gainers were DLF, Kolte Patil and Brigade Enterprises.

Mid cap stocks also had a good day in trade. Aurobindo Pharma jumped a huge 6 per cent, while other notable winners were Voltas, IFCI and HPCL.

Meanwhile, markets in Europe were trading higher while most of Asia ended the day with smart gains.

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