Banking stocks spruce up Sensex

After opening on a higher note, the Sensex has moved up by 48 points to 7471 as buying has spruced up in banking stocks and select heavyweights. However, tech stocks and other select old economy counters are exhibiting a subdued trend.

The Nifty has advanced 14 points to 2,280.

HDFC Bank has notched up 2.53% gains (Rs 16) to Rs 665. While ICICI Bank has soared 2.88% (Rs 13) to Rs 468, SBI has gained 1.31% (Rs 9) to Rs 730.

ONGC has edged 2.35% higher (Rs 22) to Rs 957, while Reliance is up with steady gains at Rs 691. ITC (up Rs 9 to Rs 1,653) has slightly come off its early highs due to profit-taking.

Hindalco has added 1.39% (Rs 18) to Rs 1,284, and Tisco has gained 2.10% (Rs 8) to Rs 387. Bharti, however, has dropped 1.57% (Rs 4) to Rs 262.

TCS has slipped a per cent (Rs 9) to Rs 1,285. Infosys, Wipro and Satyam, too, are trading with marginal losses at Rs 2,235, Rs 712 and Rs 533, respectively.

Maruti is up a per cent (Rs 5) at Rs 466. Hero Honda has declined 1.46% (Rs 9) to Rs 607.

Metal stocks have risen sharply. Kalyani Steel has jumped 7% (Rs 12) to Rs 183, and Hind Zinc has logged 5.98% gains (Rs 9) to Rs 166. Sterlite Industries, SAIL, Uttam Galva, PSL and Tata Metaliks have moved up in a range of 2-3%.