Sensex Ends Above 28,000 Points; Dr Reddy's Crashes 9%

Business

oi-Sunil Fernandes

By Sunil Fernandes

Updated: Wednesday, July 27, 2016, 15:33 [IST]

Benchmark indices ended the day higher as global markets recovered, with most markets from Asia to Europe either trading or ending with gains.

Markets will likely take cues from the US Fed policy statement due later today for indications on future rate hikes. While there is no press conference the policy statement would be read carefully for interest rate hikes.

The Sensex ended the day with gains of 45 points at 28,014 points, while the Nifty closed the day with gains of 25 points.

Leading the set of gainers in trade was ICICI Bank, which jumped more than 3 per cent. However, Dr Reddy's came crashing down after a poor set of quarterly numbers.Several brokerage firms have downgraded the stock to a sell. Tata Steel, Vedanta, ITC and Axis Bank saw major losses in trade.

Maruti Suzuki, however, saw some gains after its results beat estimates. Educomp Solutions ended the day higher after reports that the company plans to sell entire stake in Vidya Mandir Classes & Educomp Learning Hour.

Manali Petrochem ended the day higher by 5 per cent after it got nod from the Tamil Nadu Pollution Control Board Nod for operating at higher capacity.

PSU Banking stocks saw some good selling pressure with Syndicate Bank and IDBI Bank being among the losers. In fact, the fall in the shares of Syndicate Bank may largely to with the results of the bank to be declared later on Thursday.

Meanwhile, the rupee was seen trading at 67.41 to the US dollar. Check rupee rates against all currencies here

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