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Sensex gains 85 points in early trade, Syndicate Bank falls 6% on bribery charges

Monday, 4 August 2014 - 10:07am IST | Place: Mumbai

The benchmark BSE Sensex gained over 85 points in early trade today on emergence of buying by funds and retail investors in select stocks. Besides, a firming trend in other Asian markets buoyed the trading sentiments here.

Sensex stood at 25569 while the Nifty stood at 7637.

The bribery charges on the chairman and managing director of Syndicate Bank and the news of his arrest took its toll as Syndicate Bank stocks fell 6%. The bribery charges involve two companies Prakash Industries and Bhushan Steel. The former dived 195 while Bhushan Steel fell 8.5%. The companies are also reportedly under CBI scanner for the coal block allocation scam.

The top gainers in the market are HCL Tech, Hindalco, Axis Bank and United Spirits. The top losers are HDFC, Bharti Airtel, SUn Pharma and TCS.

The market might be restrained today till the monetory policy review of Raghuram Rajan. Though no cuts in interest rate is expected, there could be some movement post the announcement. 

Meanwhile, overseas investors have pumped in a staggering USD 6 billion into the Indian securities market in July --taking their overall net inflows since beginning of 2014 to more than USD 26 billion, driven by an investment-friendly government at the Centre. Among other Asian markets, Hong Kong's Hang Seng was up 0.24 per cent while Japan's Nikkei rose 0.03 per cent in early trade today. 

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