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Markets remain strong; IT, Bankex leads

This article was posted on Mar 8, 2011 and is filed under Market News

Markets continued to trade on a strong note, the Sensex was at 18,413 higher by 190 points and the S&P CNX Nifty added 49 points at 5512.

Jaiprakash Associates was the top Sensex gainer the stock added 3% to Rs 84, followed by Reliance Infrastructure, ONGC, Tata Motors, Bharti Airtel, Bajaj Auto, DLF, Infosys, HDFC Bank and Reliance Industries. On the other hand Hero Honda, Maruti Suzuki, Hindalco and Larsen and Toubro were notable losers.

Buying was visible across the sectors, BSE IT index was the top sectoral gainer the index was higher by 1.5% or 91 points at 6259, BSE banking index- Bankex added 161 points or 1.3% to 12,406. Consumer Durables, Realty, PSU, Oil & Gas and Metal indices were also trading higher by 1% each.

Tech Mahindra was the top gainer among the IT stocks, the stock was trading at Rs 724 up 7%, Core Projects, Infosys, TCS, Oracle Financial Services Software, HCL Technologies and Financial Techologies were trading higher by 0.6-2% each.

Among the banking stocks Canara Bank was the top gainer up nearly 3% to Rs 618, followed by Kotak Mahindra Bank, Bank of Baroda, Indusind Bank, Union Bank of India, Axis Bank, Punjab National Bank, Bank of India and HDFC Bank were also among the gainers.

The broader markets were trading in line with the benchmark indices, the BSE mid-cap index added 61 points to 6560 and the small-cap index was at 7951 higher by 66 points.

The overall market breadth remained extremely positive as 1683 stocks advanced while 875 stocks declined.

source: Business Standard

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