Sensex gains strength amid choppy trade; SBI, RIL lead
11 May 2011
Equity benchmarks gained some strength amid volatility at 14:40 hours - the Nifty was trading above the 5550 level. Heavyweight SBI gained more than 2%. Even Reliance Industries turned positive, with gaining over 0.5%.
All financial stocks recovered from day's low - HDFC Bank, Axis Bank and Kotak Mahindra Bank went up 0.7% each. ICICI Bank and HDFC were marginally in the green.
Infosys, Tata Motors, Wipro, JSPL, Sterlite, HUL and Tata Steel among others were up 1-2%. Hero Honda and Ranbaxy Labs were the top gainers on Nifty, with rising 4% & 6%, respectively. DLF gained 2.5%.
Ranbaxy reported 68.4% fall in first quarter net profit of Rs 304.39 crore (YoY) due to sharp drop in sales from outside India - but that was better than expectations of Rs 167 crore.
Anil Dhirubhai Ambani group stocks like Reliance Communications, Reliance Power, Reliance Capital and Reliance Infrastructure moved up 0.6-1.5%.
The 30-share BSE Sensex was trading at 18,615, up 103 points and the 50-share NSE Nifty rose 31 points to 5,572.
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