Sensex rises 80 points in opening trade
The Bombay Stock Exchange benchmark Sensex moved up by over 80 points in opening trade on Friday, extending its upward journey for the second straight session, on funds buying even as heavy-weight Reliance Industries reported a nine per cent drop in its fourth quarter earnings.
The Sensex, which had gained 2.94 per cent yesterday, advanced further by 80.30 points, or 0.72 per cent, to trade higher at 11,215.29 points with banking, metal and auto sector stocks leading the rally.
The wide-based National Stock Exchange's Nifty also rose by 21.85 points to 3,445.55.
Stockbrokers said overnight gains on the US markets and mixed trend in regional markets in early trade today mainly buoyed the trading sentiments on the domestic markets.
Banking shares were in good demand after HDFC Bank posted encouraging Q4 earnings.
Major gainers in the banking sector were HDFC Bank, up by 1.14 per cent to Rs 1,105, ICICI Bank by 2.01 per cent to Rs 432.10 and State Bank of India by 1.60 per cent to Rs 1,286.
Other gainers were Tata Steel, up by 2.55 per cent to Rs 269.50, Tata Power by 1.05 per cent to Rs 864.50, Tata Motors by 1.57 per cent to Rs 249.45, Mahindra and Mahindra by 3.04 per cent to Rs 456.40, RCom by 3.79 per cent to Rs 232.75, Bharti Airtel by 1.95 per cent to Rs 722.75.
However, shares of the country's most valuable company, RIL, were under some pressure and quoted 1.56 per cent down at Rs 1,734.85 after the company reported a nine per cent decline in its fourth quarter earnings.
Meanwhile, the US Dow Jones Industrial Average closed almost one per cent higher yesterday, while Hong Kong's Hang Seng index gained 1.14 per cent in early trade today.