Sensex gains over 150 points, banking stocks lead

The BSE Sensex gained more than 100 points, rebounding after falling for two consecutive sessions. The BSE Sensex was trading up 134 points while the Nifty gained 40 points at 2.12 pm.

Bank shares, which were among the leading decliners over the last two sessions, led gains: Axis Bank was up 0.39 per cent, while ICICI Bank traded 0.18 per cent higher.

IDFC, a contender for a banking license by India's central bank, gained 2.18 per cent after salt-to-software conglomerate Tata Sons withdrew its application for an Indian banking license, dealers said.

Tata's withdrawal could increase chances of IDFC obtaining a banking license, the traders added.

Dr Reddy's Laboratories shares gained 1.09 per cent 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 was hit by the U.S. Food and Drug Administration's "import alert".
 

Copyright: Thomson Reuters 2013