Nifty hovers around 10,900 mark; BEML, Avenue Supermarts stocks lead
Equity benchmark indices extended gains led by strong gains in banking shares as BJP was seen leading in Karnataka election.
The BJP is likely to be emerging as the single largest party in the Karnataka Assembly as it led in 110 constituencies while Congress is leading in 70 seats and JDS in 39 seats, as per media reports.
Bank Nifty too is heading towards its resistance of 27100 levels.
At 11:38 AM, the BSE Sensex was trading at 35,866, up 310 points, while the Nifty50 index was trading at 10,894, up 88 points.
All sectoral indices are trading in the green, with Nifty Bank leading the charge with 1.8% rally while Metal gained 1.6%. Auto, FMCG, IT and Realty indices gained up to 1.4%.
HUL stock gained 1% after its comparable domestic growth (adjusted of GST impact) for the company stood at 16%, led by underlying strong volume growth of 11%.
Shares of Fortis Healthcare rose 1.8% after the Manipal-TPG consortium sweetened the offer for the company, valuing the company at Rs9,403cr — an increase of 12.5% compared to their previous offer — signalling that the game for India’s second largest healthcare services provider isn’t over.
Shares of Bombay Dyeing & Manufacturing gained 2% after the company reported a standalone net profit of Rs11cr for the fourth quarter ended on March 31, 2018.
The BSE Midcap is trading up 0.55%, while the BSE Smallcap indices gained 0.89%.
Volatility index India VIX slipped 10.65% to 12.7275.
Tata Steel (+3.2%), Power Grid (+2.8%), Bajaj Fin (+1.8%), Titan (+1.7%) and GAIL (+1.6%) were the top gainers on Nifty50.
HPCL (-1.3%), Tata Motors (-1.2%), Infratel (-1%), IOC (-0.98%) and Grasim (-0.72%) were the top losers in today’s trade.
Out of 2,030 stocks traded on the NSE, 1041 advanced, 524 declined and 465 remained unchanged today.
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