Jan 10, 2017 04:00 PM IST IST | Source: Moneycontrol.com

Nifty ends at 8289, Sensex jumps 173 pts; auto, infra rally

Tata Motors, Adani Ports, Tata Steel, Asian Paints and HDFC Bank were gainers while Axis Bank, Dr Reddy's Labs, ONGC, Lupin and NTPC were losers in the Sensex.

Moneycontrol Bureau

3:30 pm Market closing:
The market saw good buying interest today supported by auto, infra and oil stocks. The Sensex ended up 173.01 points or 0.6 percent at 26899.56 and the Nifty was up 52.55 points or 0.6 percent at 8288.60. About 1655 shares have advanced, 1142 shares declined, and 372 shares are unchanged.

Tata Motors, Adani Ports, Tata Steel, Asian Paints and HDFC Bank were gainers while Axis Bank, Dr Reddy's Labs, ONGC, Lupin and NTPC were losers in the Sensex.

3:17 pm Results: Private sector lender IndusInd Bank said profit in the quarter ended December 2016 grew by 29.2 percent to Rs 750.6 crore compared with Rs 581.02 crore in year-ago period.

Net interest income, the difference between interest earned and interest expended, during the quarter increased 34.51 percent to Rs 1,578.42 crore from Rs 1,173.42 crore in corresponding quarter of last fiscal.

The stock was quoting at Rs 1,160.25, up Rs 0.55, or 0.05 percent on the BSE.

2:59 pm Market Update: Equity benchmarks remained higher with the Sensex rising 159.05 points at 26885.60 and the Nifty up 46.95 points at 8283.

About 1601 shares advanced against 1124 declining shares on the BSE.

2:38 pm Fuel demand:
India's fuel demand rose 4.3 percent in December compared with the same month last year.

Consumption of fuel, a proxy for oil demand, totalled 16.53 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.

Sales of gasoline, or petrol, were 7.7 percent higher from a year earlier at 1.96 million tonnes.

Cooking gas or liquefied petroleum gas (LPG) sales increased 7.9 percent to 1.94 million tonnes, while naphtha sales surged 5.5 percent to 1.08 million tonnes.

Sales of bitumen, used for making roads, were 2.1 percent lower, while fuel oil use edged up 14.0 percent in December.

2:20 pm Motilal Oswal on Hindalco:
Motilal Oswal says aluminium major Hindalco Industries remained its top pick in the metals and mining sector. It has reiterated buy rating on the stock and valued at Rs 234, implying 48 percent upside.

The brokerage house says although volume growth is tapering, its commendable achievements in reducing cost of production, rising share of high-margin autos in Novelis' volumes and strict discipline in capital allocation are driving strong free cash flows (FCF).

Furthermore, rapidly declining financial leverage, refinancing of debt and re-setting of interest rates will drive USD 110 million additional annual savings in finance cost, boosting FCF, it believes

Aluminum demand growth remains strong due to substitution of steel, copper and zinc in various applications.

Also read - Buy, sell, hold: 21 large & midcap stocks to boost portfolio

2:00 pm Market Check

Benchmark indices extended gains in afternoon with the Nifty inching towards 8300, driven by HDFC Bank, Tata Motors, Reliance Industries and ITC.

The 30-share BSE Sensex was up 172.58 points at 26899.13 and the 50-share NSE Nifty gained 45 points at 8281.05. The BSE Midcap and Smallcap indices were up 0.3-0.6 percent on positive breadth.

HDFC Bank, Tata Motors, Reliance Industries, Adani Ports, Asian Paints and ICICI Bank were leading contributors to Sensex's gains, up 1-3 percent whereas Axis Bank fell more than 1 percent followed by HDFC, Dr Reddy's Labs, HUL and Cipla.

Bourses in Europe were mixed as concerns over the Italian banking system grew.

Oil markets edged higher on expectations that at least some planned production cuts would be implemented, making a slight recovery from big losses the previous day over doubts the agreed reductions would rebalance an oversupplied market.

Brent crude futures, the international benchmark for oil prices, were trading at USD 55.14 per barrel, up 0.36 percent from their last close. US West Texas Intermediate (WTI) crude oil futures were trading at USD 52.18 per barrel, up 0.42 percent.

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