The News International Team
01:20pm Interview: While the growth in the mid-term looks healthier than in the near-term, Vineet Nayyar, executive vice chairman, Tech Mahindra says he is cautiously optimistic on FY16 growth.
Speaking to CNBC-TV18, Nayyar says the global demand scenario has seen a turmoil but US market will continue to drive growth.
On any further acquisitions, Nayyar says the company’s focus right now will be on making all prior acquired companies grow at healthy rates.
01:00pm Market Check
The market remained firm in afternoon trade aided by consistent upmove in oil, pharma, select banks and auto stocks. The Sensex rallied 127.58 points to 28103.44 and the Nifty jumped 36.85 points to 8529.15.
The broader markets extended gains with the BSE Midcap and Smallcap indices rising 0.7 percent and 1.3 percent, respectively. About 1596 shares have advanced, 879 shares declined, and 161 shares are unchanged on the Bombay Stock Exchange.
According to Deven Choksey, KR Choksey Shares & Securities, the Nifty will consolidate in 8200-8700 range and if it breaches those levels then 9000-9200 on the upside is likely.
Reliance Industries gained further, up 2.5 percent as brokerage Morgan Stanley upgraded the stock to overweight from underweight and raised target price to Rs 1,062. Tata Motors too rallied 2.5 percent followed by Sun Pharma, HUL, Axis Bank, Maruti, Dr Reddy’s Labs, GAIL, Coal India and Sesa Sterlite with 1-2 percent upside.
Tata Power and Adani Power gained 1.5-3.5 percent as Supreme Court ruled that companies can use argument of change in international law to charge higher tariff.
Oil marketing companies stocks like IOC, HPCL and BPCL surged nearly 5 percent as IOC chairman, B Ashok told CNBC-TV18 that they will report healthy profit in Q4. Inventory losses have been made up and currently they enjoy healthy margins on petrol cracks.
However, Infosys, ITC, TCS, HDFC Bank, NTPC, Bajaj Auto and BHEL declined 0.5-1 percent.