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Sensex hits fresh two week high; Reliance at Rs 1030 after posting good numbers

Tuesday, 22 July 2014 - 2:18pm IST | Place: Mumbai | Agency: DNA Webdesk

Sensex and Nifty held on to their early gains in the trade this morning both hitting two weeks high. The Sensex is up 214 points at 25930 while the Nifty is 55 pts up at 7739.

The sector to watch out was telecom with Telecom Regulatory Authorities of India (TRAI) permitted spectrum sharing among telecom service providers across all six frequency bands.  Bharti Airtel was up 4.83% after the regulations were announced.

The star performer in the market was Mukesh Ambani's Reliance Industries was up 3.23% standing at Rs 1029. For Reliance, it was the continuation of its gains in the alst trade after upbeat earnings posted by the company. The consolidated net profit rose 13.7% to Rs 5957 crore, while its revenue was up 7.2%  to reach Rs 1.07 lakh crore in the first quarter of 2014-15 compared to the same quarter last year. Over the same time period, RIL's gross refining margin went up to $8.7 per barrel from $8.4 per barrel.

The market also applauds that Reliance and British petroleum gave up its CY-D6 block bringing down the total count from 20 to5 in a bid to rationalise its portfolio.

HDFC was up 2.72% while HDFC Bank was up 1.58% after rumours of a probable merger between the two.

The biggest gainers were the IT and oil and gas sector, while capital goods was the higher loser. The big names that lost today in the market were Maruti Suzuki, L&T, BHEL and Power Grid Corporation. 




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