Markets surge; HUL jumps 18% on open offer

Business

oi-Sunil

By Sunil Fernandes

Published: Tuesday, April 30, 2013, 9:39 [IST]

Markets staged a sharp rally on the back of heavy buying in the Hindustan Unilever stock following an open offer by the parent company to buy additional stake in the company.

The Sensex was trading higher by 172 points, while the Nifty was higher by 41 points. HUL improved sentiments for other FMCG stocks including ITC, which jumped another 2 per cent in trade today to hit a lifetime high.

Sterlite was the other gainer in trade today jumping 3 per cent, after the company reported a good set of quarterly numbers. Notable losers from the Nifty stocks were HDFC, HDFC Bank, ONGC and Hero Motor Corp.

PSU banks were subdued in trade after a poor set of numbers were reported by Indian Overseas Bank. Canara Bank, IDBI Bank and Oriental Bank of Commerce all dropped in trade today. IOB itself dropped another 1 per cent.

Realty stocks continued to gain ground in trade today with Unitech and Godrej properties among the gainers.

The Nifty mid cap index was trading higher with almost gains of 1 per cent. Among the gainers from the space were Apollo Tyres, Godrej Industries, Hexaware and Punj Lloyd.

IT stocks were trading flat with Infosys gaining marginally, while TCS was up in trade today.

Meanwhile, markets in Asia were trading higher following a rally in global markets.

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