Boosted by good set of Q1 numbers, ICICI Bank was up 6 percent while PSU banks are also rejoicing on prospects of fresh funds. SBI, Hero, Lupin and M&M are top gainers while BHEL, HDFC twins, Infosys and HUL are among major losers in the Sensex.
The market continues its upswing in afternoon trade. The Sensex is up 329.69 points or 1.2 percent at 28035.04 and the Nifty is up 88.30 points or 1 percent at 8510.10. About 1646 shares have advanced, 978 shares declined, and 144 shares are unchanged. Boosted by good set of Q1 numbers, ICICI Bank was up 6 percent while PSU banks are also rejoicing on prospects of fresh funds. SBI, Hero, Lupin and M&M are top gainers while BHEL, HDFC twins, Infosys and HUL are among major losers in the Sensex. Oil prices extended their decline in Asia on Friday after the OPEC cartel indicated that current lofty output levels will remain, while a stronger dollar is also causing downward pressure. Prices are also under pressure by the strength of the US currency, which makes dollar-priced oil more expensive to holders of weaker units, dampening demand. The dollar has picked up steam on expectations the Federal Reserve will raise US interest rates later this year.
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