Nifty firmly holds 8800; HDFC Bank loses 5% from day’s high

Epic Update HDFC Bank

Epic Update HDFC Bank

The market remained in positive terrain in afternoon despite flat trade in Europe, led by private banking & financials, healthcare and select oil & gas stocks.

The 30-share BSE Sensex was up 186.31 points at 28487.58 and the 50-share NSE Nifty gained 49.90 points at 8827.90 while the broader markets rose 0.4 percent.

The market breadth was not strong as about 1432 shares advanced against 1201 declining shares on the BSE.

HDFC Bank, the country’s second largest private bank, erased more than half of its gains in afternoon trade after the Reserve Bank put the bank back in its FIIs ban list, up 3.5 percent after rising as much as 10 percent in opening trade today.

ICICI Bank, Sun Pharma, Tata Motors, Lupin, Cipla and GAIL gained 1-3 percent while TCS, Infosys, Axis Bank, SBI, Maruti and Asian Paints were under pressure.

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