Monday, November 1, 2010

Sensex on firm foot; ICICI, M&M, JPAsso, HDFC up

MUMBAI: Equities were firmly placed as investors bought stocks across the board taking cues from positive Asian markets. All the sectoral indices were in the green with banks, realty and capital goods space in the lead.



At 3 pm; Bombay Stock Exchange's Sensex was at 20378.85, up 346.51 points or 1.73 per cent and National Stock Exchange's Nifty was at 6130.35, up 112.65 points or 1.87 per cent.



BSE Midcap Index was up 1.59 per cent and BSE Smallcap Index gained 1.26 per cent.



Amongst the sectoral indices, BSE Bankex was up 3.28 per cent, BSE Realty Index gained 2.19 per cent and BSE Capital Goods Index moved 1.85 per cent higher.



ICICI Bank (5.88%), M&M (3.87%), Jaiprakash Associates (3.33%), HDFC Bank (3.07%) and HDFC (3.05%) led the Sensex gainers pack.



Shares of ICICI Bank has been on an upmove since the company announced second quarter results. The bank's consolidated net profit rose 21.8 per cent to Rs 1,395 crore against Rs 1145 crore in the same quarter a year ago.



Jaiprakash Associates registered a 63 per cent jump in its turnover to Rs 3,071.2 crore for the quarter ended September 30, 2010, from Rs 1,888.9 crore a year ago. In the quarter, the company, with business interests in engineering & construction (E&C), power, cement, expressways, real estate and hospitality, reported a 65.5% jump in profit before tax (PBT) to Rs 289.6 crore (excluding exceptional items) from Rs 175 crore in the year-ago period.



Reliance Industries , the index heavy-weight was also in action after reporting 28 per cent rise in quarterly net profit. The results were inline with analysts\' estimates. The scrip was marginally higher at Rs 1101.20, up 0.49 per cent on the BSE.



Maruti (-2.62%), Hero Honda (-1.65%) and NTPC (-0.74%) were the only index losers.



Maruti Suzuki was under pressure after the company reported marginally below estimates results due to lower sales. Credit Suisse has downgraded the stock to neutral from outperform.



Market breadth was positive on the BSE with 1901 gainers as compared to 892 losers.
News From: http://www.7StarNews.com

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