Sensex edges up; IRB Infra down 16% on Purti Group links

Indian shares edged up to close in the green today after a good set of earnings. The rise in heavyweights such as Mahindra & Mahindra and ICICI Bank pushed up the indexes, according to a Reuters report.

The Sensex was up 0.26 percent to close at18758.63 and the Nifty closed at 5705.30, 0.24 percent up with the expiry of October F&O series today.

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There is some relief on the global front with the Federal Reserve on Wednesday sticking to its plan to keep stimulating US growth until the job market improves even as it acknowledged some parts of the economy were looking a bit better.

Faced with difficult government finances, Prime Minister Manmohan Singh on Tuesday asked cash-rich 25 central public sector enterprises to invest their surplus fund of Rs. 2.5 lakh crore to reignite economic growth.

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Auto stocks did well today, pushed up by Mahindra and Mahindra which was up 4 percent after its Q2 earnings beat market estimates with a 22 percent rise in net profit.

Stocks in news

IRB Infra was down 16 percent over the company’s alleged investments in Nitin Gadkari’s Purti Group.

Yes bank was up 4 percent following its Q2 earnings.

Kingfisher Airlines was up 5 percent after the company announced that the engineers have called off their strike.

Adani Enterprises was down 0.67 percent after the company posted a 42 percent loss in the power business.

Oriental Bank of Commerce was top Sensex gainer with 7 percent gain after the company reported a jump in net profit of 80% to Rs 302 crore.

Sun TV Networks was down 3.46 percent after the company bought stake in IPL Hyderabad franchise for an amount of Rs 85.05 crore per year.