The News International Team
11:00 am Market Check
The market touched a new all-time high with the Sensex rising 105.06 points to 26972.61 and the Nifty gaining 37.25 points to 8064.95.
About 1558 shares have advanced, 801 shares declined, and 94 shares are unchanged.
10:40am Bajaj Auto in News
Pune-based Bajaj Auto’s total sales increased by 8 percent year-on-year (up 5.6 percent month-on-month) to 3.37 lakh units. S Ravikumar, president – business development & assurance, expects to see total sales of 4 lakh units in next few months.
“New Discover sales will grow to 25,000-30,000 units per month. We expect 3-wheeler sales of 55,000 units per month going forward,” he said.
10:20am FII View
Rakesh Arora, Macquarie says the market has continued its march above 8,000 and we see further upside.
“GDP growth in Q1 was higher than consensus at 5.7 percent and the Finance Minister Arun Jaitley believes it will be on the rise. A positive resolution of the coal scam case could act as a catalyst. It’s time to buy,” he adds.
10:00am Equity benchmarks maintained northward journey amid consolidation with the Nifty hitting 8050 level supported by telecom, healthcare, banks and heavyweights.
The Sensex rose 61.40 points to 26928.95 and the Nifty advanced 24.20 points to 8051.90. The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.6 percent and 0.8 percent, respectively.
About 1388 shares have advanced, 645 shares declined, and 74 shares are unchanged.
Cipla extended gains to 7 percent on launch of inhaler Seroflo in Germany, Sweden. It expects to launch Seroflo in other European countries in 12-18 months.
Shares of Sun Pharma, Axis Bank and Bajaj Auto gained 1-1.9 percent followed by HDFC, ITC, ICICI Bank, Reliance Industries, SBI, M&M, Maruti Suzuki and Tata Steel with 0.3-0.8 percent.
However, Infosys, L&T, ONGC, Tata Motors, HUL, Wipro, Sesa Sterlite, NTPC, Coal India and GAIL fell 0.4-1 percent.
Telecom operators Bharti Airtel and Idea Cellular rallied more than 3.5 percent after sources told CNBC-TV18 that the government is considering super regulator for communication sector.
It is learnt that the government proposed new regulator in Communications Bill, which will be known as Communications Commission. Communications Appellate Tribunal will also replace TDSAT, say sources. According to sources, new regulator will regulate anti-competitive issues, environment issues, issues related to interception, and even regulate issue of morality, privacy and public order. Tata Teleservices and Reliance Communications gained over 1.5 percent.