Sensex, Nifty Rally In Opening Trade; Maruti Surges

Business

oi-Sunil

By Sunil Fernandes

Published: Monday, May 4, 2015, 9:31 [IST]

The Sensex and the Nifty saw some buying support in early trade led by buying in banking and technology stocks.

Shares that were beaten down in trade last week like HDFC and HDFC Bank saw some buying support at lower levels.

Aditya Birla Nouvo gained ground after its decision to buy Pantaloon Retail. The stock was up 7 per cent in trade.

Nifty stocks that gained ground in trade were Maruti which rallied 2 per cent after April sales number came in better than expected. Other auto stocks were also having a good session in trade with Mahindra and Mahindra and Tata Motors among the gainers.

Select stocks like Larsen and Toubro, NTPC and Tech Mahindra were slightly weak in early trade. Banking stocks continued to have a good session in trade with private sector lenders like Axis Bank, ICICI Bank and Yes Bank continuing to attract buyers.

Rolta India shares jumped 6 per cent after reports that the company has signed agreements with Meprolight for making Optronics products in India.

Shares in Oberoi Realty's gained a huge 6 per cent after the company's Q4 consolidated net profit rose 33.8 percent at Rs 103 crore versus Rs 77 crore.

Meanwhile, markets across Asia were trading marginally higher led by the Shanghai Composite and the Straits Times.

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