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McClatchy-Tribune  08/21/2014 10:06 AM ET
Sensex trades 60 points higher; SBI, Bajaj Auto gain [Mint, New Delhi :: ]

Aug. 21--MUMBAI -- The 30-share bellwether BSE Sensex was trading 60 points higher on Thursday, led by shares of consumer durables and banking companies.

At 12.14pm, the Sensex was trading higher by 0.23%, or 60.74 points, at 26,375.03 points, while the National Stock Exchange's broader barometer 50-share Nifty was trading up 0.22%, or 17.05 points, at 7,892.35 points.

The gainers included State Bank of India (SBI), which was trading up 1.7% to Rs.2454.95 and Bajaj Auto Ltd, which rose 1.6% to Rs.2,232.80.

Among the losers, Sesa Sterlite Ltd fell 1.4% to Rs.290.80 and Tata Steel Ltd fell 1.4% to Rs.538.55 after the government gave its approval to raise the royalty rates on minerals, including iron ore and bauxite.

The BSE consumer durables index was the top sectoral gainer, up 3.3%. The BSE Bankex and capital goods indices were trading higher by 1.3% and 0.9% respectively. The BSE auto and FMCG were trading up 0.5% each. The BSE metal index was the top sectoral loser, down 0.9%. The BSE power and IT Index were down 0.2% each.

Shares of PSU Banks were trading higher after government said that it will take tough measures on rising scams in state owned banks. Union Bank of India rose 4.7%, Canara Bank Ltd up 2.7%, Bank of India jumped 2.6%, Punjab National Bank soared 2.5%, Bank of Baroda rose 2.1%, Indian Overseas Bank jumped 1.8%, Andhra Bank up 1.8%, IDBI Bank Ltd soared 1.6%, Allahabad Bank rose 1.5%, Syndicate Bank up 1%.

Shares of consumer durables companies were trading higher on the back of higher volumes: Titan Co. Ltd rose 5.5% after Bloomberg report said that the Morgan Stanley upgraded the stock to overweight from equal weight. Bajaj Electricals Ltd gained 2.8%, Blue Star Co. Ltd 1.8%, Rajesh Export Ltd 1.7%, Vipin Industries Ltd 1.6%, PC Jeweller Ltd 0.5%.

Metal shares were trading lower after the government gave its approval to raise the royalty rates on minerals, including iron ore and bauxite. However, the royalty rates for coal and lignite have not been raised, taking note of state electricity boards' apprehensions that this could raise the cost of power generation. The royalty was raised on 23 of the 51 minerals whose rates can be decided by the central government. The royalty rate for manganese ore was raised from 4.2% to 5%, while for iron ore and chromite it was raised from 10% to 15%. Bauxite rates were raised from 0.5% to 0.6%. Bhushan Steel Ltd fell 5%, NMDC Ltd slipped 1.2%, Steel Authority of India Ltd (SAIL) was down 1.9%, JSW Steel Ltd slipped 1.2%, Hindalco Industries Ltd was down 0.7% and Jindal Steel Ltd lost 0.52%.

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