Nifty Trades Higher, Hits 11,000 Points

Benchmark indices opened the day higher in trade, with HDFC Bank rallying following a good set of quarterly numbers.

The Sensex was trading with gains of 230 points, while the Nifty was higher by 101 points at 11,003 points. Asian markets were subdued and were witnessing a slightly negative trend.

Shares in HDFC Bank gained after its quarterly numbers beat market expectations. Net interest income at the bank was up 17.8 per cent while net profit rose 19.5 per cent compared to the previous year. The stock was up 3 per cent in trade.

Shares in Mahindra and Mahindra Financials gained almost 3 per cent after the Board approved rights at a price of Rs 50 per share. Among the top Nifty losers in trade were Sun Pharma, Tata Motors and BPCL.

Muthoot Finance shares reacted to a decision by the board to postpone a stock-split. "Though, the share price movement over the last few months and financial indicators were found to be ideal for a stock split proposal at the current scenario, Board unanimously decided to defer the proposal to sub-divide the equity shares to the Company to a future date," the company said in a statement. The stock was down 2 per cent in trade.