Continuing Friday’s momentum, the Sensex opened around 181 points up at 17,020.82 and the Nifty 44 points at 5143, ahead of the Reserve Bank of India’s (RBI) policy review on Tuesday 31 July. The rupee gained following the Asian markets rally and inched up to 55.25 against the dollar.
Asian markets continued their gains, mainly bolstered by expectations that the European Central Bank and Federal Reserve will infuse fresh reform measures, with France and Germany also supporting ECB Chief Mario Draghi’s resolve to get the eurozone out of the crisis.
Domestically, bank stocks rose with the Bank Index inching up 1.15 percent. ICICI Bank was up nearly 3 percent and HDFC Bank almost 5 percent. Mid-size banks, including Oriental Bank of Commerce and Bank of Baroda will announce their results today.
Maruti Suzuki India fell nearly 2 percent after the company reported a 22 percent fall April-June earnings on Saturday. Today The Times of India reported the company may hire close to 1000 people for its Manesar plant, which has been shut after the worker violence.
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Dr. Reddy’s Laboratories gained marginally after getting the USFDA approval to resume operations at the Mexico plant.
State Bank of India also gained nearly two percent after the Banking secretary announced plans of infusing capital into the bank this month.
RIL was up marginally after media reports of the company will invest $1bn over next few years in aerospace business.
Lupin gained nearly two percent on its plans to acquire brands and technology firms in the US to increase its reach as the company aims to grow sales in the US by 20 percent over next two years. It also entered into a marketing alliance with Novartis to sell Novartis asthama drug Onbrez in India.
Sun TV extended fall and declined a further two percent post CBI graft charges on promoter Dayanidhi Maran.
Deccan Chronicle fell to a new low after falling nearly 9 percent to Rs 17 after Industrial Finance Corporatio