Moneycontrol Be a Pro
Get App
Last Updated : Jul 18, 2016 10:41 AM IST | Source: Moneycontrol.com

Sensex reclaims 28000, up 170 pts; Tata Motors, Maruti gain 2%

Tata Motors and Maruti Suzuki topped buying list on Sensex, up 2 percent each followed by Reliance Industries, Axis Bank, Asian Paints and Sun Pharma while IT and FMCG stocks were under pressure.


Moneycontrol Bureau

10:40 am Ashok Leyland to set up unit in Kenya:
Hinduja Group flagship Ashok Leyland will be setting up a bus assembly plant in Kenya with an investment of Rs 70 crore as part of its global expansion plans.


The new plant in Kenya will serve at least three neighbouring countries, besides catering to local demand.


"We are setting up a bus assembly plant in Kenya through a wholly-owned subsidiary. This plant will have an annual capacity of 1,200 buses," Ashok Leyland Senior Vice-President (Global Buses), T Venkataraman told PTI.

Close

He said the setting up of the Kenya plant will begin this quarter itself.


"This plant will also serve as an export hub for three neighbouring countries, besides meeting local demand in Kenya," he added.


10:20 am FII View: Alexander Redman of Credit Suisse is bullish on emerging markets (EM).


"Flows into dedicated emerging market funds exhibited an interesting decouple last week. Net inflows into pan-emerging market funds at USD 2.5 billion were the strongest weekly inflows since July 2014. Emerging markets have since their late January trough now returned 25 percent in dollar terms, outperforming developed equities by 10.5 percent over the same period," Redman says.


He further says year-end target of 960 for the MSCI EM benchmark offers a further 11 percent potential upside for emerging equities.

Also read - Show me how inflation is low: Rajan on 'dialogues' by critics

10:00 am Market Check


Equity benchmarks extended last week's rally with the Sensex reclaiming 28000 level ahead of Monsoon Session of Parliament. GST Bill will be key factor to watch out for in near term.


The 30-share BSE Sensex was up 176.61 points or 0.63 percent at 28013.11 and the 50-share NSE Nifty rose 37.30 points or 0.44 percent ot 8578.70. The broader markets also gained in line with benchmarks as about two shares advanced for every share declining on the Bombay Stock Exchange.


Tata Motors and Maruti Suzuki topped buying list on Sensex, up 2 percent each followed by Reliance Industries, Axis Bank, Asian Paints and Sun Pharma while IT and FMCG stocks were under pressure.


Fundamentally speaking, though, he said, India remained in good stead, says Nirmal Jain of IIFL.


"We are seeing that a lot of policy reforms are taking place. Now there is direction to many things... hopefully if monsoon also is good, and GST can go through, all those things put together will put us on a very good sort of platform for a bull market."



The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .
First Published on Jul 18, 2016 10:00 am
Loading...
Sections
Follow us on
Available On
PCI DSS Compliant