Sensex recovers post fall in inflation; Bharti Airtel gains 4%

The stock markets have edged into the green post the inflation data coming in at 7.25 percent for the month of June against the CNBC Tv-18 poll of 7.61 percent. The BSE Sensex is up 26 points to 17,239.75 points, also up 77 points from the day’s low. The S&P CNX Nifty is also up 10 points to 5,237. The market breadth is positive. On the BSE, 1,312 stocks have advanced while 1,209 declined.

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Among sectoral indices, Healthcare index is the top performed with gains of 1.35 percent followed by consumer durables (1.09 percent) and Bankex (0.74 percent). In the 30-share Sensex pack, 20 are in the green led by Bharti Airtel (4 percent), Maruti Suzuki (2.4 percent), Dr Reddy’s lab (2.54 percent).

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Stock specific news:

•HDFC Bank is trading up 0.56 percent inspite of Kotak Equities downgrading the stock to reduce from add. However, it has raised its target price to Rs 575 from Rs 565. The downgrade comes after the company reported a 30.6 percent rise in net profit for the June 2012 quarter.

•SKS Microfinance continues to fall post the announcement made by the company that its losses are expected to increase for the June 2012 quarter. The stock is trading down 1.7 percent to Rs82.85 per share.

•MindTree has gained 4 percent after it reported slightly better than expected profit numbers for the June 2012 quarter. Its net profit rose 29 percent to Rs 89 crore quarter on quarter.