Rally continues, Sensex up 290 pts; Nifty holds 8650, banks gain

2:10 pm Earnings:

 

Aluminium major Hindalco Industries ' first quarter (April-June) profit beat analysts' expectations, rising nearly 5-fold (381.2 percent) year-on-year to Rs 294 crore. It was driven by better operational performance despite fall in revenue and higher tax cost. Revenue during the quarter missed estimates, falling 11.4 percent to Rs 7,597.3 crore on yearly basis due to sharp decline in realisations. "A 36 decline in copper volumes due to planned maintenance shutdown along with lower realisations, negated the impact of higher aluminium revenues," the company said.
 

2:00 pm Market Check :

The rally continued in afternoon trade with the Sensex rising 288.31 points or 1.03 percent to 28147.91 after strong SBI's quarterly earnings and ahead of factory and retail inflation data. The Nifty climbed 74.50 points to 8666.65. The broader markets remained strong with the BSE Midcap rising 0.9 percent. Banks led the major support with the PSU Bank index surging 6.5 percent. State Bank of India and Bank of India rallied 8-9 percent due to stable asset quality in Q1.