Indian Stock Market Tips Live: Sensex maintains 100-pt lead, Nifty hovers around 11,700; IT, pharma gain big
Gains in IT, pharma and automobiles have helped the market offset losses in banks on Monday morning. Automobile stocks are also rising as investors are reacting to their monthly sales data for August.
ICICI Bank falls 1.5%: Shares of ICICI Bank fell over 1.5 percent on Monday morning as investors turned wary of reports around Chanda Kochhar and family.
The stock touched an intraday high of Rs 345.00 and an intraday low of Rs 337.30.
The panel headed by Justice BN Srikrishna will examine property dealings undertaken by Chanda Kochhar and her family since she took over as CEO of ICICI Bank.
According to an Economic Times report, the board of ICICI Bank has requested the panel to determine whether the Kochhar family acquired the assets at concessional or rates lower than that prevailing in the market.
The panel will also probe whether sellers of these assets were granted special terms of loans or any other banking privileges with the bank. The report quoted Justice Srikrishna as confirming he is investigating allegations that were raised by a whistle-blower.
Market Update: Gains in IT, pharma and automobiles have helped the market offset losses in banks on Monday morning, with the Nifty continuing to hold 11,700. The Sensex is up over 100 points. Tech stocks are soaring on the back of a huge upmove on Wipro, which is currently up around 6 percent. The rally is spilling over to other IT stocks as well.
Automobile stocks are also rising as investors are reacting to their monthly sales data for August. Buying counters are also buzzing in the midcaps space, with the Nifty Midcap index extending gains to around half a percent. Other big gainers include Bajaj Auto, and Lupin, while ICICI Bank, Maruti Suzuki and Bajaj Finance have lost the most.
The Sensex is up 127.93 points or 0.33% at 38773.00, while the Nifty is up 29.00 points or 0.25% at 11709.50. The market breadth is positive as 1,115 shares advanced, against a decline of 621 shares, while 100 shares are unchanged.
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