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Sensex Gains Over 300 Points; Financial Stocks Trade Strong

Sensex Gains Over 300 Points; Financial Stocks Trade Strong

Sun Pharma, ICICI Bank, Axis Bank, HDFC and SBI have gained 0.6-2.6 per cent each on BSE

The domestic benchmark indices are trading firm in early afternoon, after a gap-up opening, due to buying interest Sun Pharma and financial heavyweights such as ICICI Bank, Axis Bank and HDFC. At 12;35 pm, the BSE Sensex was trading at 52,701.55, higher by 327.21 points or 0.63 per cent and the NSE Nifty was at 15,787.95, up 93.70 points or 0.60 per cent.

The broader markets are trading mixed; the BSE Midcap index has edged lower by 0.1 per cent, whereas the BSE Smallcap index has touched an all-time high of 26,154.05, up 0.3 per cent.

In the currency markets, the rupee has strengthened by 14 paise to 74.44 against the U.S. dollar in early trade, tracking a firm trend in the domestic equity markets. At the interbank foreign exchange, the domestic unit opened at 74.49 against the dollar, then inched higher to 74.44, registering a gain of 14 paise over its previous close.

On the stock-specific front, Sun Pharma has soared by 2.7 per cent to Rs 687 to top the gainers list on the BSE. Financial stocks are also trading firm, with ICICI Bank, Axis Bank, HDFC and SBI gaining 0.6 per cent to 2.6 per cent each on the BSE. NTPC, Bajaj Auto and Bharti Airtel are the other significant gainers among the Sensex pack.

On the other hand, information technology stocks are trading in the red ahead of the Infosys result on Wednesday. HCL Tech, Tech Mahindra and Infosys have shed up to a per cent each on the BSE.

The BSE market breadth is positive. Out of 3236 stocks traded on the BSE, there are 1,848 advancing stocks as against 1,237 declines.