Stock Market : Sensex hikes 86 points at 21,296..


Market extends gains. Sensex up 86 points at 21,296 while Nifty trades 30 points higher at 6,327.90. The BSE banking index is up nearly 1.2 per cent with PNB and Bank of Baroda surging over 5 per cent each.

Reliance Communications falls after rival Bharti Infratel’s pact: Shares of Reliance Communications falls 1.7 per cent after a unit of rival Bharti Airtel Bharti Infratel, entered into a tower sharing pact with Reliance Industries.

The deal with Bharti reduces the prospect that Reliance Communications and Reliance Jio Infocomm, the telecoms unit of Reliance Industries, will expand their tower sharing deal from last year.

Reliance Jio Infocomm signed a deal worth Rs. 1,200 crore in June 2013 to share Reliance Communications fibre optic network for 4G services.

Goldman Sachs has upgraded Mahindra and Mahindra Financial Services to ‘buy’ from ‘neutral’, citing valuations and ‘overly pessimistic’ market expectations on the non-banking financial firm’s loan growth and profitability.

M&M Financial Services is trading 2 per cent higher at Rs. 249.95.

The benchmark BSE Sensex has gained in the month before elections in each of the previous six elections, with the biggest advance coming in 2009 when the Congress-led United Progressive Alliance won a majority.

Markets update: Sensex, Nifty trade with moderate gains after showing some weakness earlier in the session when the poll dates were announced.

Sensex is up 58 points at 21,267 while Nifty trades 21 points higher at 6,319.

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