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Last Updated : Jul 11, 2016 10:55 AM IST | Source:

Nifty above 8450, Sensex up 450 pts; Midcap index at record high

The market extended rally in morning trade with the Nifty reclaiming 8450 level for the first time since August 2015.

Moneycontrol Bureau

10:50 am Market Expert:
Equity markets have rallied globally and this has helped Indian stocks as well, says Sridhar Sivaram of Enam Holdings. "The domestic picture seems to have improved and that has helped as well."

Speaking to CNBC-TV18, he said markets may move 5-8 percent higher going forward, in line with his expectations of earnings growth -- muted compared to other analysts on the street.

The reason he has tempered expectations from tempered growth is because he thinks consumption growth continues to remain spotty.

10:40 am Interview: Describing L&T as his "life with priority beyond wife and children", the diversified conglomerate's long-serving chief A M Naik says he will pass on the reins to his successor S N Subrahmanyan next year and the focus is now on grooming the next line of leadership.

74-year-old Naik, who has been with Larsen and Toubro for 52 years, including about 18 years as its head after rising through ranks, said he knows everything "on the pulse" at L&T and things might not be as easy for his successor but he will ensure that the company remains in strong hands.

"I don't want the criticism that Mr Naik did a great job when he was present, but as soon as he went the company did not do so well. It is my life.


"So I often sing Raj Kapoor song from the film Mera Naam Joker -- Jeena yahaan, marna yahaan; Iske siva jaana kahaan (I will live here and die here; Where else can I go)," Naik told PTI in an interview here.

10:25 am More FDI in dairy sector?:
Aiming to double farmers' income in the next five years, the Centre is chalking out a national action plan to attract more foreign investment in the dairy sector.

The Department of Animal Husbandry under the aegis of Agriculture Ministry is holding a series of discussion with private players in this regard.

"We are preparing a national action plan to boost FDI in dairy sector. We want FDI in this sector in such a format that our farmers are benefited and their income goes up," Animal Husbandry Secretary Devendra Chaudhury told PTI.

The plan is to increase foreign investment in the dairy sector in the next five years from the current level of around Rs 141 crore, he said.

10:15 am Cadila's growth plan: Pharma firm Cadila Healthcare sees big growth opportunity in US and Latin American formulation markets and plans to enhance share in the US generics market by launching complex, oral solids and formulations.

"Going forward, the company's focus will continue to be on launching complex, difficult-to-make oral solids and formulations of other dosage forms like injectables, nasals, creams and ointments in order to enhance share in the US generics market," Cadila Healthcare Chairman Pankaj Patel said in the company's annual report.

The US is the world's largest pharma market, both for branded and generics drugs, accounting for around one third of the global market. The company is present in generics market through its wholly owned unit Zydus Pharmaceuticals (USA) Inc.

During 2015-16, the company's business in the US remained the largest contributor to the consolidated revenue, which crossed USD 600 million in sales for the first time.

Also read - L&T is my life; will ensure it remains in strong hands: AM Naik

10:00 am Market Check

The market extended rally in morning trade with the Nifty reclaiming 8450 level for the first time since August 2015.

The 30-share BSE Sensex rose 466.49 points or 1.72 percent to 27593.39 and the 50-share NSE Nifty was up 132.35 points or 1.59 percent at 8455.55. The broader markets remained strong with the Midcap index hitting record high.

The market breadth was strong as about four shares advanced for every share falling on the Bombay Stock Exchange.

All sectoral indices traded in green with the PSU Bank and Infra rising the most.

ICICI Bank, HDFC Bank, HDFC, Tata Motors, L&T, ITC and SBI surged 2-4 percent.

Asia markets traded higher, bolstered by election results in Japan and Australia and shrugging off concerns a strong US jobs report might push the Federal Reserve closer to hiking rates.

Japan's Nikkei 225 rallied 4 percent. Those gains came despite the yen remaining relatively strong. In upper house elections on Sunday, Prime Minister Shinzo Abe's ruling coalition won in a landslide, in a development analysts said was likely to make it far easier to push through his economic agenda, dubbed Abenomics.

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First Published on Jul 11, 2016 10:00 am
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