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Sunday, 19 October 2014

Diwali bonanza: Sensex rallies 400 pts; Axis Bank gains 2%

The market has started the Diwali week with celebrations buoyed by the election verdict in Haryana and Maharashtra where BJP is set to form the government. Along with the positive reaction of the oil & gas space to the much awaited gas price hike and diesel price de-regulation, global cues are supporting the market. 

The Sensex is up 370.99 points or 1.4 percent at 26479.52 and the Nifty is up 113.65 points or 1.5 percent at 7893.35. About 1595 shares have advanced, 605 shares declined, and 87 shares are unchanged.

 ONGC, L&T, HDFC and Axis Bank are top gainers in the Sensex. Among the losers are Infosys, Wipro, Reliance, BHEL and TCS. 

In earnings reaction Axis Bank reacts positively to Q2 earnings. Bank of America Merill Lynch hikes target to Rs 500 versus Rs 450 earlier. 

It is good going for the global markets, Nikkei rebounded from a four month low. Markets reacted to US consumer sentiment rose that to a 7-year high, and the rupiah in Indonesia jumped to 3-week highs on the swearing in of their new president. The rupee strengthened on selling of the US dollar by exporters. More information please visit this site

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