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Last Updated : Jun 01, 2016 10:58 AM IST | Source:

Sensex extends rally, Nifty reclaims 8200; ITC, Asian Paints up

The BSE Midcap and Smallcap indices rose 0.6 percent each as more than two shares advanced for every share falling on Bombay Stock Exchange.

Moneycontrol Bureau

10:58 am Market Update:
The Sensex rose 157.08 points to 26825.04 and the Nifty climbed 47 points to 8207.10.

About 1343 shares advanced against 717 declining shares on BSE.

10:35 am Interview:
Ramky Infrastructure has had a good March quarter with its revenue increasing 150 percent to Rs 867 crore and Ramky Group Managing Director Goutham Reddy is hopeful of maintaining the earnings momentum in FY17.

Reddy told CNBC-TV18 the company's revenues were boosted by two large road projects in Andhra Pradesh and Jammu and Kashmir. He expects the Srinagar-Bannihal road project to be operational next quarter which will further prop up the company's performance.

Reddy said the company's order book stands at Rs 4,500 crore and the company has added Rs 500-600 crore worth projects in the past few months.

Improved cash flows helped the company repay debt, bringing it down by Rs 160 crore to Rs 1,500 crore. 

10:15 am ONGC in news:
Russia's largest oil producer Rosneft said on Tuesday it has completed the deal to sell a 15 percent stake in Vankor oilfield in East Siberia to ONGC for USD1.27 billion.

The deal was initially signed in September 2015.

Vankor, launched in 2009, produces around 440,000 barrels of oil per day. The field is a source of Russian oil supply to China.


In March, ONGC also signed an initial deal to raise its stake in Vankor to 26 percent from 15 percent.

Also read - Axis Bank rises 2% on increase in FII investment limit by RBI

10:00 am Market Check

The market extended rally in morning trade with the Sensex rising 145.93 points to 26813.89 and the Nifty climbing 42.10 points to 8202.20. The broader markets also gained on strong market breadth.

The BSE Midcap and Smallcap indices rose 0.6 percent each as more than two shares advanced for every share falling on Bombay Stock Exchange.

Earnings trajectory is now moving into a positive territory and the pace of downgrades has receded, says Anish Damania of IDFC Securities.

Global interest continues to be on Indian companies and fund flows are likely to follow the upmove in earnings, he adds.

Maruti Suzuki shares came off day's high after May sales data, up 0.2 percent. It has sold 1.23 lakh units in May, up 7.1 percent YoY, which was completely driven by domestic business that grew by 10.6 percent. However, exports fell 20.8 percent to 9,872 units against 12,466 units in corresponding period of last fiscal.

ITC, TCS, Asian Paints, Axis Bank, Adani Ports, and Bharti Airtel were leading gainers, up 1-2 percent while Tata Motors, ICICI Bank, HDFC Bank, HDFC and NTPC were under pressure.

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First Published on Jun 1, 2016 10:00 am
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