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Nifty, Bank index hit record high; United Spirits falls 4%

10:00

The News International Team

11:00am Interview

Force Motors’ promoters- the Firodias- now hold 60 percent of the company, says chairman and managing director Abhay Firodia. The promoters bought 9 percent stake fom Bajaj Holdings, that just recently exited the joint venture.

Speaking to CNBC-TV18, Firodia says he expects the company’s light commercial vehicles and tractors to see a strong growth in the current year.

The company has a capex plan of Rs 200 crore this year, which Firodia adds will be raised internally.

10:45am Cut in LPG subsidy likely?

According to Gagan Dixit of Quant, interest cost has declined sharply for oil marketing companies (OMCs) after crude price fell sharply below USD 102 per barrel.

Going ahead, he expects further reduction in LPG subsidy on the hope of reforms for direct tax subsidy and LPG subsidy.
 
Dixit is bullish on IOC and BPCL and suggests buying with a target price of Rs 430 and Rs 700, respectively. 

10:25am FII View

Mahesh Nandurkar, CLSA says the brokerage continues to believe in the domestic recovery story. “Some initial data points on 4-wheeler and cement demand growth improvement and encouraging performance of the state owned banks fortifies our confidence,” he adds.

The brokerage’s top ideas are ICICI Bank, SBI, Grasim, Maruti, ONGC, HCL Technologies and Bharti Airtel.

10:00am Equity benchmarks remained in positive terrain supported by PSU banks, metals, oil & gas and capital goods stocks. The Sensex advanced 100.54 points to 26460.65 and the Nifty rose 25.55 points to 7916.65 after hitting a record high of 7924.50. Even the Bank Nifty touched an all-time high of 15785.20, up 0.6 percent to 15752.

The BSE Midcap and Smallcap indices gained 0.5 percent each. About 1233 shares have advanced, 678 shares declined, and 67 shares are unchanged.

Shares of Sesa Sterlite, Hindalco Industries, ONGC, SBI, Axis Bank, Punjab National Bank and Bank of Baroda rallied 1.5-2 percent while HDFC, Sun Pharma, Bajaj Auto, HDFC Bank, Bharti Airtel, Dr Reddy’s Labs and DLF declined 0.2-1 percent.

United Spirits dropped nearly 4 percent as the National Stock Exchange has decided on Thursday to remove the stock from Futures and Options segment with effect from September 19. Earlier the exchange also decided to remove the stock from CNX Nifty from same day.

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