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Sensex Up 50 Pts in Early Trade on Smart Corporate Earnings

Monday, April 29, 2013
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Mumbai: The BSE benchmark Sensex rose over 50 points in early trade, after Maruti Suzuki and ICICI Bank posted encouraging fourth quarter earnings.

Besides, a firming trend in the Asian markets also buoyed the trading sentiment in Mumbai. The 30-share index, which had lost 120.13 points in the previous session, recovered by 50.48 points, or 0.26 percent, to 19,337.20, with stocks of auto, power, PSU and realty sectors leading the rise in early trade.

Similarly, the wide-based National Stock Exchange index Nifty rose by 11.15 points, or 0.19 percent, to 5,882.60.

Buying activity triggered after Maruti Suzuki and ICICI Bank came out with better-than-expected earnings, brokers said.

Stocks of country's largest car maker Maruti Suzuki rose 1.77 percent  to Rs.1,703 after company reported 79.4 percent jump in its standalone net profit for the quarter ended March 31 at Rs.1,147.5 crore.

Hero Motocorp gained 4.54 percent to Rs.1,669.45.

Shares of ICICI Bank gained 0.64 percent at Rs.1,151.65 on fresh spell of buying after it posted 21 percent growth in net profit at Rs.2,304.07 crore for the fourth quarter ended March 31.

In the Asian region, Hong Kong's Hang Seng index was up by 0.03 percent in early trade, while Japan's markets remained closed. The U.S. Dow Jones Industrial Average ended 0.08 percent higher in trade.

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Source: PTI
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