Benchmark share indices continued to remain firm after the first hour of trade with index heavyweight Reliance Industries leading the gains after its reported better-than-expected first quarter earnings.
the S&P BSE Sensex was up 150 points at 27,986 after hitting an intra-day high of 28,013 while the Nifty50 was up 38 points at 8,579.
Reliance Industries was the top Sensex gainer up over 2%. The company posted an 18% rise in net profit at Rs 7,113 crore for the quarter ended June 2016 on higher margins from its core refining business. It was Rs 6,024 crore in the same period a year ago. The gross refining margin on each barrel of crude processed - a key profitability gauge - was $11.5 in the June quarter, compared with $10.4 a year earlier.
Auto stocks were led by Tata Motors which gained over 2%. Overseas arm Jaguar Land Rover recently reported 22 per cent jump in global retail sales to a record 2,91,556 units in the first half this year riding on robust demand in Europe and the UK.
Other gainers in the segment include, Maruti Suzuki, M&M, Bajaj Auto and Hero MotoCorp among others.
Private lenders were also among the top Sensex gainers on renewed buying interest. ICICI Bank,HDFC Bank and Axis Bank were up 0.4%-1.4% each.
Among others, Sun Pharma Advanced Research Company (SPARC) has surged 7% to Rs 375 on the Bombay Stock Exchange (BSE) after the company announced a licensing arrangement with Sun Pharmaceutical Industries for SPARC’s Elespia XR (Levetiracetam extended release tablets).
LT Foods has rallied 8% to Rs 307 on the BSE in intra-day trade after the company announced that it has acquired iconic brand 817 Elephant brand of rice through its United Kingdom (UK) subsidiary LT Foods International Limited.
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