4:30
PM: Sensex ends 229 pts up, Nifty scales 8000; banks, oil rock
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It was a sparkling start to the
September series on Monday with the 50-share NSE Nifty closing above the
8000-level for first time on rebound in GDP in June quarter. Hopes of achieving
FY15 fiscal deficit target on the back of lower diesel under-recovery also
supported the market.
The Sensex rose 229.44 points to end
at new closing high of 26867.55 and the Nifty rallied 73.35 points to 8027.70
aided by banks, oil & gas, metals and auto (select) stocks. The broader
markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising
1.57 percent and 1.3 percent, respectively.
Experts have high hope that the
Nifty may start trading in five digits before the next Union Budget gets
announced. They feel the earnings may be doubled by end of FY20. However, the
only risk they see is global cues.
On the economic data front, gross
domestic product in April-June quarter grew at 5.7 percent, the highest since
the fourth quarter of financial year 2011-12, as against 4.7 percent in the
year-ago period driven by manufacturing, mining and construction sectors.
The HSBC India Purchasing
Managers’Index (PMI) dipped slightly from July’s 17-month high of 53.0 to 52.4
in August due to fall in output and new domestic orders but the data
highlighted a tenth consecutive monthly improvement in operating conditions in
August. Input cost pressures eased slightly following the acceleration seen in
July.
The real stars of the day were auto
and oil stocks. India’s largest car maker Maruti Suzuki reported a 27 percent
year-on-year growth in August sales driven by compact cars like Ritz, Dzire,
Swift, Celerio. The stock ended at new closing high of Rs 2915.50, up 4.7
percent.
Second largest commercial vehicle
maker Ashok Leyland gained 6 percent post 17 percent growth Y-o-Y in August
sales basis while Eicher Motors rose over 3 percent on 66 percent growth in
sales led by Royal Enfield.
Two-wheeler maker Hero Motocorp
topped the buying list in the Sensex, up 5.8 percent while top commercial
vehicle maker Tata Motors fell 0.9 percent ahead of August sales numbers.
Oil marketing companies like HPCL,
BPCL and IOC rallied 1-6 percent after the government said the diesel
under-recovery in September 1-15 will be seen at Rs 0.08 per litre as against
Rs 1.78 per lire in second fortnight of August.
India Ratings and Research believes
that the staggered diesel price hike since end October 2012 has paved the way
for diesel price decontrol and that now is the right time for the government to
decontrol diesel price and allow oil marketing companies (OMCs) to price diesel
according to global rates. This will help the government achieve its fiscal
consolidation targets, it added.
Advancers beat decliners on the
Bombay Stock Exchange by a ratio of 1930 to 1001.
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