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Sensex, Nifty hold early gains; Sun Pharma, Axis top movers

12:25

The News International Team

Sensex, Nifty hold early gains; Sun Pharma, Axis top movers

The market sustained its early gains supported by pharma, private banks, FMCG and select technology stocks. The broader markets too gained in-line with key indices as the BSE Midcap and Smallcap indices added 0.4 percent and 0.6 percent, respectively.

The 30-share BSE Sensex climbed 137.99 points to 29026.85 and the 50-share NSE Nifty advanced 32.10 points to 8761.60.
 
Globally, markets are bracing for the European Central Bank meet outcome today. Expectations are of 50 billion euros per month of bond buying by the ECB. Asian markets traded choppy while Brent crude prices traded below 50 dollars per barrel.

Sun Pharma topped the buying list in Sensex, up 4 percent. Shares of Infosys, Axis Bank, Tata Motors, ONGC, HUL, Dr Reddy’s Labs and Cipla gained 1-2.4 percent whereas Reliance Industries and NTPC declined 1.5-2 percent. State Bank of India, HDFC, Maruti Suzuki, Hero Motocorp, Bharti Airtel and Hindalco slipped 0.5-1 percent.

Suzlon Energy is going to reduce its debt by selling its German arm, Senvion to US-based PE Centerbridge Partners for 1 billion euros in an all cash deal. The stock, however, came off the day’s high as the deal is subject to financing and regulatory approvals and fears of what Suzlon financials will look like without Senvion’s profits and orderbook.

Sun TV Network shed 6 percent, possibly impacted by news of CBI arresting three persons including a close aide of Dayanidhi Maran in connection with a telephone exchange case. However, statements from Dayanidhi Maran today say the arrest does not have anything to do with Sun TV.

Some stocks reacting to earnings include ING Vysya Bank that fell 1 percent, reacting to a 13 percent drop in profits and 20 percent sequential increase in gross NPAs. L&T Finance Holdings, on the other hand, gained 4 percent, reacting to a profit jump of 66 percent Y-o-Y.

Some other stocks reacting to numbers include Raymond (down 1.2 percent), Siyaram Silk Milks (down 6 percent) are weak. TTK Prestige lost more steam, down 2 percent as Credit Suisse downgraded the stock to neutral from outperform.

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