Nifty holds 8500, Sensex strong; Midcap, Smallcap outperform

Epic Update ICICI Bank

Epic Update ICICI Bank

Equity benchmarks continued to remain higher in noon trade with the Nifty holding 8500 level, supported by ITC, Lupin, ICICI Bank and SBI.

The 30-share BSE Sensex gained 209.14 points at 27483.29 and the 50-share NSE Nifty rose 76 points to 8509.75 while the BSE Midcap and Smallcap continued to outperform benchmarks, rising over a percent on strong market breadth.

About 1985 shares advanced against 576 declining shares on the exchange.

Lupin retained its top position in the buying list, up more than 7 percent after getting clean chit from the USFDA for Goa facility. Sun Pharma and Dr Reddy’s Labs rebounded 1.7 percent each after Friday’s sell-off.

ICICI Bank rose 1.8 percent ahead of quarterly earnings later today. A CNBC-TV18 poll expects profit in Q2 to fall 18 percent on yearly basis and net interest margin to grow 0.4 percent.

ITC, SBI, Infosys, BHEL, Tata Steel and Axis Bank gained 1-3 percent while TCS and HUL fell over a percent.

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