Sensex rebounds 173 pts; Tata Motors, Hindalco shares rally 3-4%

Equity benchmarks gained strength with the Sensex rising over 150 points Tuesday after two-day consolidation, driven by banks and auto stocks. The broader markets outperformed benchmarks in late trade, with the BSE Midcap and Smallcap indices up 0.7-0.8 percent.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead GrowMyMoney IThe Winning Leap Tech Control

Budget 2017

Presented By:

DAYS hours minutes
Presented by :

Co-Presenting Sponsor :

Associate Sponsors :

Co-Presenting Sponsor :

Associate Sponsors :

Home » News » Markets » Local Markets

Jan 10, 2017, 10.07 PM | Source: Moneycontrol.com

Sensex rebounds 173 pts; Tata Motors, Hindalco shares rally 3-4%

Equity benchmarks gained strength with the Sensex rising over 150 points Tuesday after two-day consolidation, driven by banks and auto stocks. The broader markets outperformed benchmarks in late trade, with the BSE Midcap and Smallcap indices up 0.7-0.8 percent.

Like this story, share it with millions of investors on M3

Sensex rebounds 173 pts; Tata Motors, Hindalco shares rally 3-4%

Equity benchmarks gained strength with the Sensex rising over 150 points Tuesday after two-day consolidation, driven by banks and auto stocks. The broader markets outperformed benchmarks in late trade, with the BSE Midcap and Smallcap indices up 0.7-0.8 percent.

Post Your Comments

Share Cancel

16:13
Moneycontrol Bureau

Equity benchmarks gained strength on Tuesday, with the Sensex rising over 150 points after two-day consolidation, driven by banks and auto stocks. The broader markets outperformed benchmarks in late trade, with the BSE Midcap and Smallcap indices up 0.7-0.8 percent.

The 30-share BSE Sensex surged 173.01 points to 26899.56 and the 50-share NSE Nifty jumped 52.55 points to 8288.60.

While retaining September 2017 target of 30,000 on the Sensex, Surendra Goyal of Citi says the market is likely to be rangebound till some clarity emerges.

Deutsche Bank too says 2017 is expected to be a year of uncertainty and the market is likely to be volatile and uncertain in the first half and recover in the second half.

Domestically, verdict of five state elections in March, Union Budget in February, developments over rollout of GST and other executive actions hold key to earnings and sentiments, Deutsche Bank says. Global factors that are likely to dictate trend in the markets include US President-elect Trump's economic policies, outcome of the French and German elections, how the UK manages 'Brexit' and the path of CNY, it adds.

IndusInd Bank gained 0.2 percent today after slightly better-than-expected quarterly earnings. The private sector lender reported a 29.2 percent growth in profit and 34.5 percent in net interest income on yearly basis while its asset quality moderately weakened during the quarter.

Hindalco Industries shares rallied 4 percent. Motilal Oswal says the aluminium major 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. It 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).

Tata Motors and Adani Ports were leading gainers among Sensex stocks, up 3 percent each followed by HDFC Bank, ITC, Reliance Industries, ICICI Bank and L&T. HDFC, Axis Bank, HUL and Dr Reddy's Labs were under pressure.

In the broader space, Max Ventures gained 10 percent after the board approval for a stake sale of 22.51 percent to a subsidiary of New York Life Insurance Company for Rs 121 crore.

Engineers India rose nearly 3 percent on receiving a project worth Rs 2,500 crore from HPCL for execution of Vizag refinery modernisation.

Bharat Electronics climbed 4 percent as Credit Suisse has initiated coverage on the stock with an outperform rating and target price of Rs 1,800 based on steady growth visibility and reasonable valuations. The brokerage house expects 15 percent revenue growth and 14 percent earnings growth on the backlog of Rs 35,000 crore and strong inflows.

The market breadth was in favour of advances. About 1658 shares advanced against 1142 declining shares on the Bombay Stock Exchange.

Asian markets ended lower today with the Japan's Nikkei falling 0.8 percent after the yen strengthened against the dollar. European equity benchmarks were moderately higher at the time of writing this article.

14:00
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.

Read More »

13:00
Tata Motors, Adani Ports, GAIL, Wipro and HDFC Bank are top gainers while Axis Bank, Dr Reddy's labs, HDFC, Bharti and Maruti are losers in the Sensex.

Read More »

12:00
Equity benchmarks maintained morning gains with the Nifty holding 8250 level, supported by banks, oil and auto stocks. It was despite weakness in Asian peers.

Read More »

11:00
Tata Motors, Tata Steel, GAIL, Asian Paints and BHEL are top gainers while Axis Bank, Hero MotoCorp, Bahrti, Sun Pharma and Dr Reddy's are losers in the Sensex.

Read More »

10:00
Equity benchmarks as well as broader markets continued to hold early gains with the Sensex rising over 100 points, led by oil, banks and auto stocks.

Read More »

09:14
Tata Motors, Infosys, ICICI Bank, Axis Bank and Bajaj Auto are top gainers while Dr Reddy's Labs and Bharti Airtel are losers in the Sensex.

Read More »

Buy, Hold, Sell ? Hear it first on M3
Sensex rebounds 173 pts; Tata Motors, Hindalco shares rally 3-4%

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login