Sensex, Nifty continue to rally; Cipla, NTPC laggards

Moneycontrol Bureau

11:30 am Buzzing: Shares of Eicher Motors jumped 2 percent, hitting 52-week high at Rs 19675.80 intraday. Eicher Polaris, a 50:50 joint venture between Eicher Motors and Polaris Industries  Inc announced the launch of Multix–India’s first personal utility vehicle today.

“Multix is specially designed for Independent Businessmen, having an estimated  population of 5.8 crore in India. Purpose-built, specially designed and powered by a reliable diesel engine, Multix will be available in two variants and four colours, starting at a price of Rs 232,850,” a company press statement said.

Eicher Polaris has made an investment of  Rs 350 crore towards product development.

Don't miss: Tata Motors up 1%, Nomura says JLR volume growth driver

The market is still holding up gains as the Sensex is up 255.55 points or 0.9 percent at 27088.21. The Nifty is up 65.70 points or 0.8 percent at 8157.25. About 1479 shares have advanced, 716 shares declined, and 131 shares are unchanged.

Reliance, Tata Motors, HDFC Bank, BHEL and ICICI Bank are top gainers in the Sensex. Among the losers are Cipla, NTPC, Tata Power and Tata Steel.

Gold futures traded Rs 59 higher at Rs 27,177 per 10 grams as speculators created fresh bets amid positive cues from global markets. Analysts attributed the rise in gold prices to a firming trend overseas where it extended gains as the dollar fell, adding to the appeal of the precious metal after the Fed signalled that the pace of policy tightening will be gradual. Meanwhile, gold was trading 0.2 percent higher at USD 1,187.47 an ounce in Singapore.