Sensex gains strength, Nifty inches towards 8450; GAIL surges 5%

Epic Update GAIL

Benchmark indices gained strength amid volatility in noon trade with the Nifty inching towards 8450 level, supported by oil & gas, PSU banks and telecom stocks.

The 30-share BSE Sensex was up 76.61 points at 27334.25 and the 50-share NSE Nifty rose 19.90 points to 8436.90.

About 1374 shares advanced against 1061 declining shares on the BSE.

Gail (India) was top gainer among Sensex stocks, up nearly 5 percent as a meeting of the board of directors is scheduled on January 25 to consider issuance of bonus shares and fund raising by issuance of bonds on private placement basis.

PSU Bank index jumped 1 percent as IDBI Bank, SBI, PNB and Bank of Baroda gained 0.5-3 percent.

Tata Motors, Bharti Airtel, SBI, ONGC, Adani Ports, ITC and Reliance Industries rose 1-2.5 percent while HDFC Bank, Axis Bank, Wipro, TCS and Lupin were under pressure.

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Posted in: Indian Market Tips