Nifty hovers around 7550, Sensex & Midcap strong; ICICI, GAIL up

Equity benchmarks erased some gains with the Sensex rising 119.96 points to 24802.44 and the Nifty climbing 47.55 points to 7546.30.

About two shares advanced for every share declining on the BSE.

GAIL gained nearly 3 percent after Petroleum and Natural Gas Regulatory Board (PNGRB) revised company’s KG basin pipeline tariff to Rs 45.32/mbtu that will be effective between April 2016-February 11, 2017.

ICICI Bank was biggest contributor to Sensex’s gain, up 2.8 percent followed by HDFC, Reliance Industries, L&T, Tata Motors, SBI, Axis Bank, ONGC, Maruti, HUL and Bharti with over a 1 percent upside.

However, Lupin, Sun Pharma and Dr Reddy’s Labs were marginally lower.

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Posted in: Indian Market Tips