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| Sensex surges 79 pts; Metal stocks lose shine @ 10:50 hrs
Last Updated: 2008-08-05 11:16:58
Even as a few blue chip stocks languish in the red with sharp losses, the benchmark BSE index Sensex holds on in the positive territory with a modest gain thanks to sustained buying in HDFC Bank (3.75%), Tata Motors (2.3%), Ranbaxy Laboratories (1.6%), ICICI Bank (1.55%), Mahindra & Mahindra (1.45%), State Bank of India (1.3%) and Reliance Infrastructure (1.2%).
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Hindalco, ONGC, BHEL, DLF, HDFC, Grasim Industries, ACC, Maruti Suzuki, NTPC, Tata Power and Satyam Computer Services are up by 0.5% - 1%. Hindustan Unilever and ITC, the FMCG heavyweights, are up marginally over their previous closing levels.
At 14,656.33, the Sensex is up by 78.46 points or 0.54% over its previous closing mark. The Nifty is up with a gain of 0.4% or 17.70 points at 4413.05.
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Sterlite Industries has slipped by 5.9% to Rs 587 due to heavy selling at the counter. Tata Steel has lost 2.2% at Rs 676.50.
IT bellwether Infosys Technologies is down by a little over 1.5% at Rs 1630.20. Jaiprakash Associates and Wipro have lost over a per cent at Rs 172.50 and Rs 426 respectively. Reliance Industries is down by around half a per cent at Rs 2231 while Tata Consultancy Services, the other loser in the Sensex, is down by around a quarter per cent.
Besides Sterlite Industries and Tata Steel, Sesa Goa, JSW Steel, SAIL, Hindustan Zinc, Gujarat NRE Coke, Jai Corp and Ispat Industries are the other prominent losers from the metal space.
IndusInd Bank has jumped 6.3% to Rs 64.30. Cummins India, UCO Bank, Andhra Bank, Thermax, Yes Bank, Torrent Power, Sobha Developers, Phoenix Mills, Vijaya Bank, Kotak Bank, IDBI Bank and Indian Bank are up by 4% - 6%.
Indian Overseas Bank, Allahabad Bank, Axis Bank, Nagarjuna Construction Company, Shipping Corporation of India and Essar Oil have also risen sharply this morning.
Thanks to a good show by stocks from midcap and smallcap segments, the market breadth remains quite strong this morning. Out of 2024 stocks seen in action on BSE, as many as 1459 stocks are up in the positive territory. 508 stocks have drifted lower and 57 stocks trade flat.
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