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Sensex hovers around 28,250; HDFC, HDFC Bank lead gains

At 10:40AM, the 30-share Sensex was up 61 points at 28,253 and the 50-share Nifty was up 17 points at 8,568.

SI Reporter Mumbai
Last Updated : Mar 24 2015 | 10:43 AM IST
Markets extended gains after the first hour of trade led by HDFC group shares along with index heavyweight Reliance Industries.

At 10:40AM, the 30-share Sensex was up 61 points at 28,253 and the 50-share Nifty was up 17 points at 8,568.

"Markets are likely to trade sideways to negative. Selective buying can be seen by noon. For the Sensex resistance is seen at 28255 above 28386. Support is at 28156 below 281005 and 28003. For the Nifty resistance is seen at 8571 above 8594 and more.  Support is at 8525 below 8509, 8471 and 8441," Geojit BNP Paribas Financial Services said in a technical note.

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Foreign Institutional Investors were net buyers in equities worth Rs 417 crore on Monday, as per provisional stock exchange data.

The Indian rupee firmed up against the US dollar and was trading higher at 62.19 compared to the previous close of 62.27 because of dollar sales by exporters.

SECTORS & STOCKS

BSE Healthcare index was the top gainer up 0.8% followed by Consumer Durbales, Capital Goods, Power and IT indices among others. Metal and Realty indices were trading with marginal losses.

In the financial sector HDFC Group shares, HDFC and HDFC Bank were up 0.7-1.4% contributing the most to the Sensex gains.

Sun Pharma was up 1.3% after the Competition Commission of India (CCI) has given its approval to divest seven brands by Sun Pharmaceutical Industries and Ranbaxy Laboratories to Pune-based Emcure Pharmaceuticals paving the way for the proposed $4-billion merger deal.

Dr Reddy's Labs was up over 1% after the company said it has entered into a licencing agreement with Hyderabd-based Hetero Drugs Limited to distribute and market chronic Hepatitis C medicine Sofosbuvir 400 mg under the brand name Resof in India.

Jindal Steel & Power was up 2% after the Delhi High Court ordered status quo on the Tara block and asked the government to file a reply in the case of the Gare Palma IV/2 and IV/3 blocks. The stock had slumped over 6% in the previous session after the government decided to reject three bids of the company.

Metal shares were trading mixed after a private survey showed that China's factory sector declined to 11-month low to 49.2 in March. Hindalco was down 1.4% while Sesa Sterlite was up 1.4%.

Among other shares, Geometric shed early gains and was down nearly 1%. According to media reports that the promoters are planning to sell their entire stake in the company.

Aarti Drugs dropped 6% after the pharmaceutical company gets US FDA (Food and Drug Administration) import alert on its manufacturing plant in Tarapur, Maharashtra.
In the broader market, the BSE Mid-cap and Small-cap indices were trading flat with positive bias.

NIIT Technologies has declined 6% after the company said a dispute has arisen between one of the company's subsidiaries & its client in the APAC region, which may result in claims & counter claims.

In the broader market, the BSE Mid-cap and Small-cap indices were trading with marginal gains.

Market breadth was nearly neutral with 1,068 gainers and 968 losers on the BSE.

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First Published: Mar 24 2015 | 10:41 AM IST

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