Sensex gains; IT, private bank stocks rise

Reuters Market Eye - The BSE Sensex is up more than 20 points, while the Nifty is flat in trade. Private banks continue to gain for a second day after banking stocks saw their biggest single-day gains in over 4 years on Thursday after the Reserve Bank of India raised overseas borrowing limits for lenders as part of a slew of measures unveiled by new Governor Raghuram Rajan.

ICICI Bank Ltd is up nearly 5 percent, while Axis Bank Ltd is flat.

IT shares recover from a bout of profit-taking on Thursday. Infosys Ltd gains 1.27 percent, while Tata Consultancy Services Ltd is up 0.1 percent.

 

However, Sesa Goa Ltd falls as much as 5.9 percent as the lock-in period related to its merger with Sterlite Industries (India) Ltd ended as of the close of trade on Thursday.

The BSE Sensex rose 0.27 percent while the Nifty was up 0.1 percent at 1108 IST.

(Reporting by Abhishek Vishnoi)