Sensex trades flat; bank, auto stocks rally

Mumbai : A benchmark index of Indian equities markets was trading flat – 33 points at 1.00 p.m. Monday after Finance Minister P. Chidambaram presented the interim budget for 2014-15 in the Lok Sabha.

Good buying was observed in bank, automobile and healthcare stocks. However, metal, oil and gas and consumer durables scrips declined.

The 30-scrip sensitive index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 20,438.87 points, was trading at 20,399.88 points at 1.00 p.m., up 33.06 points or 0.16 percent from the previous day’s close at 20,366.82 points.

The Sensex touched a high of 20,481.76 points and a low of 20,338.95 points during the trade so far.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) was trading flat at 6.50 points or 0.11 percent up at 6,054.85 points.

The S&P BSE bank index was up 62.78 points, followed by healthcare index which was trading higher by 27.25 points and the automobile index up 27.12 points.

The bank stocks rallied as the finance minister announced infusion of Rs.11,200 crore in public sector banks in the financial year 2014-15. Chidambaram also cut excise duty on many products of the automobile sector.

However, the S&P BSE metal index was down 135.73 points, oil nad gas index was lower by 85.52 points and consumer durables index slipped by 67.71 points.

The prominent Sensex gainers were Tata Power up 4.27 percent at Rs.77; Dr Reddy’s Lab, up 1.80 percent at Rs.2,626.45; Hero MotoCorp, up 1.62 percent at Rs.1,968; HDFC, up 1.52 percent at Rs.783.40; and HDFC Bank, up 1.36 percent at Rs.650.50.

The major losers included Hindalco Inds, down 1.65 percent at Rs.98.35; Reliance Industries (RIL), down 1.47 percent at Rs.809.45; Coal India, down 1.30 percent at Rs.257.15; Sesa Sterlite, down 0.90 percent at Rs.188; and Sun Pharma, down 0.89 percent at Rs.603.50.

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