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Indian stocks rise on rebound in European markets

Indian stocks rise on rebound in European markets
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First Published: Tue, Jul 19 2011. 07 17 PM IST
Updated: Tue, Jul 19 2011. 07 17 PM IST
A rebound in European shares helped Indian stock markets snap a two-day fall on Tuesday. Better-than-expected June quarter earnings from HDFC Bank spurred buying in banking stocks and helped.
The firm opening in European stock markets also strengthened the sentiment in the domestic market. European shares rebounded from a seven-month low after Novartis and IBM reported earnings that beat analysts’ estimates.
Sensex: 18,653 +0.79%
Nifty: 5,613 +0.84%
FTSE 100: 5,778 +0.45%
DAX: 7,212 +1.47%
Kotak Mahindra Bank, DLF, Sterlite Industries and Sun Pharma led the gains among Nifty shares. Metal stocks, Sterlite Industries and Hindalco rose on firm copper and zinc prices in the international markets. Copper gained for a third straight day on tight global supplies and hopes that demand from China will remain firm.
Kotak Mahindra Bank: Rs 501 +2.61%
DLF: Rs 240 +2.30%
Sterlite Industries: Rs 166 +2.02%
Sun Pharma: Rs 510 +1.86%
Hindalco: Rs 184 +0.99%
At the sectoral level, consumer durables, information technology, real estate and metal stocks led the gains on the BSE. Except automobile, power and capital goods, all BSE sectoral indices closed the day with gains. Selling in key index stocks such as Tata Motors and Ashok Leyland weighed on the automobile index. Ashok Leyland slumped 2.69% after the company reported a 30% drop in first quarter profits.
BSE IT: 5,877 +1.17%
BSE Realty: 2,230 +1.12%
BSE Metal: 14,811 +0.90%
BSE Auto: 8,861 –0.43%
IBM’s June quarter earnings and higher profit forecast allayed investor concerns about IT spending, leading to buying in technology stocks. IBM raised its full year earnings forecast amid buoyant demand for its software.
Infosys: Rs 2,573 +1.45%
TCS: Rs 1,139 +1.24%
Tech Mahindra: Rs 750 +1.26%
HDFC Bank hit a new high of Rs 519.50 after the bank reported profits that were better than analysts’ expectations. The bank reported a net profit of Rs 1,085 crore in the June quarter. A Reuters poll had estimated the bank to report profit of Rs 1,070 crore. While bottom-line came in better than expectations, slow growth in net interest income led to profit booking in the stock.
Canara Bank: Rs 531 +1.89%
State Bank of India: Rs 2,511 +1.59%
Bank of Baroda: Rs 890 +1.39%
ICICI Bank: Rs 1,060 +1.18%
HDFC Bank: Rs 511 –0.79%
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First Published: Tue, Jul 19 2011. 07 17 PM IST
More Topics: Markets Update | India | BSE | NSE | Sensex |