Reuters Market Eye – The BSE Sensex gains more than 100 points, rebounding after falling for two consecutive sessions. The BSE Sensex was trading up 136 points while the Nifty gained 42 points at 12.53 pm.
Bank shares, which were among the leading decliners, lead gains: Axis Bank (NSI:AXISBANK.NS – News) is up 0.76 percent, while ICICI Bank Ltd (NSI:ICICIBANK.NS – News) gains 0.32 percent.
IDFC (NSI:IDFC.NS – News), a contender for a banking license by India’s central bank, gains 2.38 percent after salt-to-software conglomerate Tata Sons withdrew its application for an Indian banking license, dealers say.
Tata’s withdrawal could increase chances of IDFC obtaining a banking license, the traders add.
Dr Reddy’s Laboratories Ltd (NSI:DRREDDY.NS – News) shares gain 1.3 percent on hopes of increased in its market share of a key anti-hypertension generic drug Toprol after a second plant operated by its competitor Wockhardt Ltd (NSI:WOCKPHARMA) was hit by the U.S. Food and Drug Administration’s “import alert”.
(Reporting by Abhishek Vishnoi)
Sensex gains more than 100 points; financial stocks lead
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