Markets ignore high inflation; Sensex rallies

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Markets continued to rally once again, ignoring every possible weak economic data. The Sensex ended the day higher, even as the inflation data came in at a surprising 6.46% for Sept.

The Nifty closed higher by 16 points, while the Sensex rallied 80 points.

Technology stocks surged in trade with Tata Consultancy Services gaining almost 4% in trade today, ahead of its results on Tuesday.

Infosys also gained following its spectacular results on Friday. Heavyweight, Reliance Industries closed the day higher by 1 per cent ahead of its results to be declared later today.

Pharma stocks joined IT stocks higher with notable gainers including Dr Reddy's and Ranbaxy Laboratories. However,

Wockhardt tanked 5 per cent in early trade on Bombay Stock Exchange (BSE) after UK's medicines regulator withdrew its certification to the company's manufacturing facility situated at Chikalthana, Aurangabad.

Banking stocks ended the day higher on sustained buying, despite higher than expected inflation data. Among the notable gainers were Axis Bank, Bank of Baroda and Union Bank.

Indusind Bank also rallied following a good set of quarterly results by the company.

Among the Nifty losers in trade today were Hindalco Industries, Lupin Labs, Tata Steel and Gail. Mid Cap stocks also ended the day higher with Adani Enterprises.

TTK Prestige ended the day lower by 3.36% after the company reported net profits that were flat. Karnataka Bank rallied 17%, following unconfirmed roumours of a takeover of the bank.

Meanwhile, Asian markets including the Japanese Nikkei and the Shanghai Composite ended the day higher.

Read more about: sensex, nifty, hindalco, lupin lab, tata steel
Story first published: Monday, October 14, 2013, 15:32 [IST]
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