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Nifty races towards 8600; HDFC, Sesa Sterlite, BHEL gainers

The market gained strenth in morning trade supported by HDFC group, pharma, capital goods and select technology stocks. The Sensex climbed 120.44 points to 28312.46 and the Nifty rose 31.05 points to 8581.95.

10:10

The News International Team

Nifty races towards 8600; HDFC, Sesa Sterlite, BHEL gainers

The market gained strenth in morning trade supported by HDFC group, pharma, capital goods and select technology stocks. The Sensex climbed 120.44 points to 28312.46 and the Nifty rose 31.05 points to 8581.95.

The broader markets gained too; the BSE Midcap and Smallcap indices advanced 0.3 percent each. About 1006 shares have advanced, 787 shares declined, and 137 shares are unchanged on the BSE.

After the kind of run-up Indian equities have seen in the past several months, one shouldn’t be surprised they have going into a sort of consolidation, believes JPMorgan global head of research Joyce Chang.

Joyce said that even as she preferred developed markets over emerging markets – “simply because we taken down the EM growth forecast in so many countries,” – investors would focus on India’s medium-term growth story.

Housing finance company HDFC was the major contributor to Sensex’ gains, up 1.5 percent. Sesa Sterlite and BHEL gained 1.4 percent each. L&T, HDFC Bank, Reliance Industries, Sun Pharma, TCS and Bharti Airtel saw marginal gains.

However, Infosys, Tata Motors, ONGC, HUL, Hindalco Industries, Hero Motocorp and Coal India fell 0.3-0.9 percent.

09:15

Sensex, Nifty gain; JSPL rebounds, ICICI & ONGC losers

The market opened flat amid consolidation on Tuesday as the Nifty is heading towards March expiry scheduled to be taken place on Thursday.

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