Muristek
Sensex climbs over 1,100 points; HDFC twins share surge on merger announcement
Mumbai, April 4
Starting off the week on a strong note, the Sensex soared more than 1,100 points in early trade on Monday, driven by substantial gains in index majors HDFC Bank and HDFC amid mixed trends in Asian markets.
In the morning trade, the 30-share Sensex skyrocketed 1,143.78 points to 60,420.47 points, while broader Nifty 50, too, saw bullish trends as it climbed more than 302.20 points to 17,972.65 points.
Shares of HDFC climbed 8.37 per cent to Rs 2,656.10, while the HDFC Bank stock went up nearly 8 per cent to Rs 1,623.65.
In a significant development, HDFC Ltd said it would merge with HDFC Bank.
Subsequent to the amalgamation, subsidiary/associates of HDFC Ltd will become subsidiary/associates of HDFC Bank, according to a regulatory filing.
Among the Sensex pack, 24 stocks were in the green while six scrips were in the red.
Besides the HDFC twins, other major gainers in the 30-share pack include Bajaj Finance, Kotak Mahindra Bank, Tech Mahindra, Titan, Larsen amp; Toubro.
In contrast, Infosys, Mamp;M, Maruti, ITC, UltraTech Cement were among the laggards.
Meanwhile, international oil benchmark Brent crude surged 0.15 per cent to USD 104.55 per barrel.
Foreign portfolio investors pumped in a little over Rs 1,909 crore in equities on Friday.