The News International Team
11:50 am FII holding: Foreign institutional investors’ holdings in 30 Sensex companies have reached an all-time high of over 23 percent of the total market cap, as per data collated by Bank of America Merrill Lynch. In March 2009, the same stood at 15 percent of the total market cap and 36 percent of free float, which rose to 23 percent and 47 percent respectively at the end of December The steep rise was driven by the optimism about Narendra Modi Government unleashing reforms, BofA-ML Global Research said in a report today.
11:30 am Buzzing: Shares of Maruti Suzuki gained 1 percent intraday as brokerage house CLSA maintains buy on the stock with a target price of Rs 4400. It expects Maruti’s premium valuation multiples to sustain.
The brokerage forecasts strong 41 percent earnings per share CAGR (compounded annual growth rate) over FY15-17 in India’s largest car maker, driven by gradually improving passenger vehicle (PV) industry growth, multiple product triggers, accelerating exports and expanding margins.
Demand profile trends in India’s passenger vehicle (PV) industry shows that demand has been moving to higher-priced segments where Maruti is relatively weak. Despite this, Maruti’s PV market share has been rising as it has gained substantial market share in its strong segments.
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The market is still flat. The Sensex is down 14.73 points at 28960.38 and the Nifty down 5.35 points at 8749.60. About 912 shares have advanced, 1367 shares declined and 198 shares are unchanged.
ITC, HUL, L&T, Maruti and Wipro are top gainers in the Sensex. Among the losers are Sesa Sterlite, ONGC, Tata Steel, Tata Motors and Tata Power.
Globally Asian markets are mostly higher shaking off earlier cautious sentiment following a mixed close on Wall Street.
Gold futures prices today rose by 0.31 percent to Rs 26,418 per 10 grams as speculators enlarged positions after the metal gained in the global market. At the Multi Commodity Exchange, metal prices for delivery in far-month June contracts gained Rs 81, or 0.31 percent, to trade higher at Rs 26,418 per 10 gram in a turnover of 12 lots.
Analysts attributed gains in the precious metal at futures trade to a firming trend in the overseas markets. In the international market, gold rose to USD 1,203.976 an ounce in Singapore from USD 1,201.83 yesterday.