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All sectoral indices trade firm
Tue, 27 Sep 01:30 pm

The Indian stock market continued to trade firm on account of sustained buying interest in the heavyweights. All sectoral indices are trading firm. Stocks from the realty, consumer durables, banking, oil and gas and software space are leading the pack of gainers.

The BSE-Sensex is trading up by 402 points while NSE-Nifty is trading 121 points above yesterday's closing. The BSE Mid Cap and BSE Small Cap indices are trading up by 1.6% and 1.5% respectively. The rupee is trading at 49.14 to the US dollar.

PSU Banking stocks have been trading firm with Union Bank, Canara Bank, Indian Bank and Andhra Bank leading the pack of gainers. As per a leading financial daily, State Bank of India (SBI) is planning to expand its retail division in the UK by entering the mortgage market for the first time. It is beginning with buy-to-let mortgages, with amounts ranging from GBP 50,000 to GBP 1.5 m. The loan to value ratios is of up to 60%. The bank is expected to roll out residential mortgages next year. By that time, it plans to add intermediaries and mortgage brokers to its distribution network. The bank has launched the expansion of its consumer banking business in the UK last year, focusing on Britain's Indian community. However, this time, its target appears more mass market. The stock of the company is trading in the green.

Most of the Realty stocks have been trading firm as well with DLF Ltd, Jaiprakash Associates, Ansal Properties and Infrastructure and Simplex Infrastructures leading the pack of gainers. However, Unity Infraprojects is trading weak. As per a leading financial daily, DLF has sold 10.8 acres in Gurgaon to a Dubai-based Indian investor for Rs 2.8 bn. This is a part of its strategy to reduce its debt burden by a third this fiscal. The company's debt as on June 30 stood at Rs 215 bn, which it plans to bring down to Rs 70 bn this fiscal. Earlier this year, the firm had sold a plot to M3M India for Rs 4 bn. The company is also in the process of selling two Information Technology (IT) parks to Blackstone and IDFC which is expected to fetch Rs 15 bn. Besides, it is in talks with other NRI investors to sell another 20 acres in Gurgaon. The same is expected to yield around Rs 4 bn.

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