Wednesday, 1 March 2017

Banks rally pushes up Sensex over 200 points, Nifty eyes 8950

Banking stocks were trading higher, with the Bank Nifty being higher by nearly a percent. Axis Bank and Amtek Auto was higher in early trade with gains of nearly 3 percent and 5 percent, respectively. 

The market built up on early morning gains seen on the indices, driven by a rally in banking stocks as well as positive cues on the economic front due to better GDP numbers. Bank Nifty was higher by nearly a percent.

The Sensex was up 221.27 points at 28964.59, while the Nifty was higher by 57.05 points or at 8936.65. The market breadth was very healthy with about 1,400 shares advancing, 471 shares declining. Meanwhile, 103 shares remained unchanged. Midcap stocks too gained, with the midcap index on Sensex up over 0.30 percent.

Axis Bank and HDFC were among the top gainers on both the indices, while Tata Motors, Bharti Airtel, Idea Cellular and BPCL were the top losers.

Amtek Auto stocks were trading higher ahead of the scheduled EGM. The company has been in the news for a possible merger of three firms Amtek Auto, Metalyst Forgings and Castex Technologies.

Sensex rebounds 140 pts, Nifty above 8900 post Q3 GDP data

BHEL, Hero Motocorp, ONGC, Axis Bank, Cipla, Bharti Infratel and Power Grid Corp were early gainers while Tata Motors, Bharti Airtel, Tech Mahindra, Idea Cellular, UltraTech Cement and M&M were under pressure.

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