The News International Team
10:58am Market Update
The Sensex rose 111.45 points to 27813.24 and the Nifty climbed 29.90 points to 8353.90. About 1213 shares have advanced, 963 shares declined, and 89 shares are unchanged on the BSE.
10:40am Gujarat Pipavav in News
Shares of Gujarat Pipavav Port climbed 3 percent after the company entered into an arrangement with NYK Auto Logistics (India).
As per the agreement, NYK has been sub-leased land for developing a dedicated common user integrated RO-RO yard at Pipavav Port, said the company in its filing.
The RO-RO yard with annual designed capacity for handling 250,000 vehicles will be ready for operations by February 2015, it added.
The company will provide all the port and related facilities to NYK for ensuring smooth and seamless flow of automobile cargo upon commencement of the RO-RO facility.
Port Pipavav is managed and operated by APM Terminals, the ports and terminals company of the maritime giant, the AP Moller-Maersk Group.
10:25am FII View
Rohini Malkani, Citi says after meeting with 50 institutional investors in the US, unsurprisingly, India remains a consensus favorite both as an ‘absolute’ and ‘relative’ play due to a trinity of factors i.e. business-friendly Narendra Modi Government, pro-active RBI Governor Rajan; and commodity tailwinds.
“Following a strong market performance in 2014, most investors are of the view that the on-going cyclical and structural upturn could result in India continuing to outperform in 2015, albeit at a modest pace,” she adds.
10:00am Market Check
Equity benchmarks remained in positive terrain for the fourth consecutive session, especially ahead of Jharkhand and Jammu & Kashmir’s elections results. The Sensex rose 110.30 points to 27812.09 and the Nifty climbed 30.65 points to 8354.65.
The BSE Midcap and Smallcap indices gained 0.4 percent and 0.5 percent, respectively. Nearly two shares advanced for every share declining on the Bombay Stock Exchange.
PDP took early lead in Jammu and Kashmir with 23 seats while there was a big lead for BJP in Jharkhand with 36 seats.
Banking and financials stocks continued to see buying interest. HDFC added another 1 percent gain after it decided to sell 0.95 percent stake in HDFC Life to Azim Premji Trust yesterday. Shares of ICICI Bank, Axis Bank, HDFC Bank and State Bank of India advanced 0.4-1.2 percent.
Auto stocks advanced too; Tata Motors, Hero Motocorp, Mahindra & Mahindra, Bajaj Auto and Maruti Suzuki were up 0.4-1 percent whereas Reliance Industries, Dr Reddy’s Labs, Hindalco, Sesa Sterlite and Coal India fell 0.6-1.6 percent.