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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indian markets hit another record 
(Mon, 8 Sep Closing) 
 
Extending the strong rally in the afternoon trade, the Indian benchmark indices hit another record high and closed today on a strong note. The NSE-Nifty surpassed the 8150 mark and was seen up by 87 points. The BSE-Sensex closed higher by 293 points. Both the BSE Mid Cap and the BSE Small Cap indices gathered steam and were up by 1.2% and 2.0% respectively. Robust buying interest was witnessed into sectors such as oil and gas, capital goods, healthcare and banking stocks. However, the realty sector witnessed some selling pressure.

On the global front, the Asian indices closed the day on a firm note. The European indices too have opened on a buoyant note. The rupee was trading at Rs 60.25 to the dollar at the time of writing.

Stocks from auto ancillaries space have closed today on a mixed note. While Ucal Fuel and Munjal Showa led the pack of gainers, Mahindra CIE Automotive and Amtek Auto led the pack of losers.

Auto components firm, Bharat Forge has sold 50% stake in its joint venture Impact Automotive Solutions Ltd for Rs 108 m. This JV was formed in 2010 with KPIT Technologies to manufacture hybrid solutions for automobiles. The JV terms state that KPIT licensed the technology to the JV. Bharat Forge had at that time brought in manufacturing know-how, assembly capabilities and integration expertise.

Bharat Forge is beginning to see signs of growth. The company is confident of traction in terms of order wins from both global and domestic OEMs in this space. Growth going forward will also be driven by the industrial segment as demand improves and also from exports.

Engineering stocks today closed on a mixed note. While Opto Circuits and Punj Lloyd topped the pack of gainers, Sanghvi Movers and Welspun Corp led the pack of laggards.

A leading financial daily states that L&T has bagged orders worth Rs 19.2 bn in its hydrocarbon business in the offshore and onshore segments. The company has secured an offshore contract worth Rs 13.4 bn from Oil and Natural Gas Corporation (ONGC). The scope of the contract includes engineering, procurement, construction and installation of five wellhead platforms at the Mumbai High North field of ONGC. Moreover, in the onshore segment, L&T Hydrocarbon Engineering (LTHE) has secured a contract of Rs 5.8 bn from a leading company engaged in hydrocarbon downstream processing.

The company's Hydrocarbon business has been a source of big disappointment in the past. The company has seen an unprecedented loss of Rs 9.4 bn at the EBIT level in this segment during the 1QFY15 quarter. There have been 5-6 international hydrocarbon projects that are seeing such losses due to execution related issues. The management has indicated that it has already tried to provide for all foreseeable losses on this front and they should likely finish execution by the end of FY15, but there is still uncertainty on this front.

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