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Last Updated : Dec 08, 2016 10:58 AM IST | Source:

Sensex, Nifty, Midcap jump over 1%; Tata Motors zooms, DRL down

Equity benchmarks as well as broader markets climbed over a percent in morning trade, driven by positive global cues. Even the withdrawal of incremental CRR hike boosted the sentiment further.

Moneycontrol Bureau

10:45 am Royal Enfield in Australia:
Niche bike maker Royal Enfield has opened its first exclusive brand store in Melbourne as part of its growth strategy in Australia.

The company, which aims to be a leading player globally in mid-sized motorcycle segment (250-750cc), currently has 25 dealerships across the country.

The exclusive brand store at Melbourne showcases the company's complete range of motorcycles, apparel and accessories under one roof.


"Australia represents one of the most important matured markets for Royal Enfield and we are already witnessing an upward growth in the market, a testimony to which is the 63 percent growth we have received in the first three quarters of 2016, compared to same period last year," Royal Enfield President Rudratej Singh today said in a statement.

10:35 am Buzzing:
Hyderabad-based healthcare company Divis Laboratories shares rallied more than 6 percent intraday after Visakhapatnam unit received form 483 from the US health regulator.

"The US Food and Drug Administration has issued a form 483 with 5 observations to company's unit-II at Visakhapatnam, Andhra Pradesh," the company said in its filing.

The company will respond to the USFDA letter within the time permitted, it said.

The US health regulator had an inspection of the plant during November 29 to December 6, 2016.

10:20 am Oil Update:
Oil prices edged up in thin trading after steep falls in the previous session, supported by a weaker dollar, positive economic data and a drawdown in US crude stocks.

International Brent crude futures were trading up 4 cents at USD 53.04 a barrel after closing the previous session down 93 cents.

US benchmark West Texas Intermediate crude oil prices gained 13 cents to USD 49.90 a barrel.

Crude oil inventories in the United States dropped 2.4 million barrels in the week that ended on December 2, compared with analyst expectations for a draw of 1 million barrels.

But stocks at the Cushing, Oklahoma, delivery hub for US crude futures, increased by a hefty 3.8 million barrels last week, the most since 2009, according to data from the US Energy Information Administration on Wednesday.

10:00 am Market Check

Equity benchmarks as well as broader markets climbed over a percent in morning trade, driven by positive global cues. Even the withdrawal of incremental CRR hike boosted the sentiment further.

The 30-share BSE Sensex was up 361.48 points or 1.38 percent at 26598.35 and the 50-share NSE Nifty gained 113.40 points or 1.40 percent at 8215.45.

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

Tata Motors was the biggest gainer, up 3.7 percent as analysts feel the valuations are attractive after fall in November.

ITC, HDFC, Reliance Industries, HDFC Bank, Infosys, L&T and Maruti Suzuki were other leading contributors to Sensex's gains, up 1-2.5 percent whereas Dr Reddy's Labs was the only loser.

Asian markets were mostly exuberant, after major US indexes had a banner session, hitting record highs overnight, and as forecast-beating China trade data buoyed sentiment. Japan's Nikkei, Hong Kong's Hang Seng, Australia's ASX 200 and South Korea's Kospi were up 0.6-1.2 percent.

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First Published on Dec 8, 2016 10:00 am
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