Thursday, October 9, 2014

Sensex, Nifty strong; United Bank up 10%, Polaris down 17%

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The Sensex shot up 306.79 points or 1.17 percent to 26553.58 and the Nifty rose 89.95 points or 1.15 percent to 7932.65 while the BSE Midcap and Smallcap indices gained 1.4 percent and 1.5 percent, respectively.

About 1795 shares have advanced, 522 shares declined, and 64 shares are unchanged on the Bombay Stock Exchange.

Shares of ICICI Bank, HDFC, SBI, L&T, Reliance Industries, Tata Motors, Sun Pharma, ONGC, Hindalco, Axis Bank, Bharti Airtel, Cipla, BHEL, Dr Reddy's Labs, Sesa Sterlite and Maruti Suzuki gained 1-5 percent while ITC and Mahindra & Mahindra were only losers. United Bank of India gained 10 percent as media report suggested that financial services secretary says the bank is likely candidate for merger this fiscal.

Rupee is trading higher at 61.05 compared to its last day close of 61.40 against US Dollar. Forex dealers said besides selling of the American unit by exporters and easing global crude prices, gains in other Asian currencies against the dollar and a higher opening in the domestic stock market, buoyed the sentiment.

IT stocks have rebounded sharply after they lost ground on Wednesday following downgrade by Citigroup. Infosys, Wipro and TCS have gained around 1%.

L&T continues on its upward trajectory from yesterday gaining around 1.7%. Biggest gainer in the capital goods sector is BHEL which has surged around 4% after winning a contract worth Rs 7,800 Crore from Tamil Nadu Generation and Distribution Corporation.

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