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Markets end higher; Sensex back at 20,000 points

Markets end higher; Sensex back at 20,000 points
Markets ended the day higher following a surge in the stock price of ONGC and a rally in banking stocks following good results by Axis Bank. The Nifty ended the day higher by 64.75 points, while the Sensex was back again above 20,000 points.

Apart from ONGC and Axis Bank stocks that rallied were Bhel, Reliance Infra and Asian Paints from the Nifty stocks. The rally was fast and furious in the last 1 hour of trade after Axis Bank reported its numbers. FMCG and IT stocks saw some selling pressure after Wednesday's sharp rally.

Kotak Mahindra Bank which fell after its non performing assets disappointed the markets, recovered towards the end of trade. Tata Consultancy shed gains ahead of its results to be declared later.

Among non index stocks NCC surged 6 per cent on reports that Singapore based Sembcorp was eyeing a majority stake in NCC power project worth Rs 1500 crore.

Agile Electric and Blackstone to make open offer for up to 79.54 lakh shares at Rs 65/share of the company

Igarashi Motors was up 11 per cent after reports that Agile Electric and Blackstone will make an open offer for up to 79.54 lakh shares at Rs 65/share of the company.

PSU banking stocks which were hammered during the week saw some buying support. Union Bank rallied 4 per cent on value buying, while Syndicate Bank was the other major gainer in trade. HDFC Bank which had fallen after reporting an increase in NPAs, gained ground in trade. Kotak Mahindra, however, fell after reporting a higher then expected increase in NPAs.

Meanwhile, markets in Asia ended the day mixed, with the Japanese Nikkei leading gains across Asia on a weaker Yen.

Read more about: sensex nifty
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