Sensex up by 23 pts on rise in realty & banking counters

The BSE benchmark Sensex ended marginally higher by 23 points to 18,167.03 on the

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back of rise in interest rate related stocks--realty, consumer durable, banking and auto segments.

A further improvement in monsoon rains and sustained heavy buying by foreign funds and strong sales in the month of July, announced by major automobile companies mainly helped the Sensex to rise further for the second consecutive week.

Realty stocks were at the forefront on good Q1 results reported by most realty companies.

Banking stocks gained after India's largest commercial bank State Bank of India reported strong Q1 June 2010 results. Shares of SBI hit a record high above Rs 2,800-level to end at Rs 2,849.40 by gaining 8.75 per cent after the Parliament approved a bill enabling the government to reduce its holding in State Bank of India to 51 per cent and help it to raise capital.

However, IT segment was the worst hit after the recent weak US economic data, as most of the Indian software companies get their major part of revenues from overseas.

Tata Motors flared up by 13.71 pc after the announcement of an excellent Q1 results. The company reported a consolidated net profit of Rs 1,988.73 crore for the quarter ended June 30, as against a loss of Rs 328.78 crore in the same period last fiscal.

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