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Indian markets continue to rally
Wed, 9 Sep Closing

The Indian equity markets extended their gains from the previous session and finished the day 1.5% higher on Wednesday, propped by buoyant global markets coupled with appreciation of rupee against the dollar. The Sensex today ended higher by 402 points while the NSE-Nifty ended higher by 130 points. The BSE Mid Cap and BSE Small Cap index also did well and notched gains of 1.9% and 1.8% respectively. Gains were largely seen in metal, auto and realty stocks.

Asian markets closed higher today with stock market in Japan leading the gains. The stock markets in Japan and Hong Kong are up 7.7% and 4.1% respectively while stock market in China witnessed gains of 2.3%. European markets have also opened on a positive note with stock market in Germany leading the gains. The rupee was trading at 66.37 against the US currency in the afternoon session.

Food & Tobacco stocks flourished in the green with Tata coffee and Tata Global Beverages leading the gains. Shares of <>Britannia ended the day on an optimistic note (up 1.3%) after it was reported that the company is planning to set up an agro-processing facility in Chittoor, Andhra Pradesh. In this regard, the company will commission the Phase I of the project in Chittoor district with an investment of Rs 1.3 bn by the end of 2016.

As per a leading financial daily, Hero MotoCorp, the world's largest two-wheeler manufacturer, has inaugurated its first global manufacturing facility at Villa Rica, in Colombia. Completed in a little over nine months since construction began, the Colombia plant is Hero's 5th manufacturing facility, in addition to four assembly plants in India. This Plant will act as a hub for selling to the Andean countries. It can also be a strategic base for shipping to North American markets such as Mexico and the US. The plant will have an initial production capacity of 80,000 units per annum. This capacity will be expanded to produce 150,000 units per annum, in the next phase. The plant has been built at a project cost of US$70 million of which US$38 million has been utilized in capital expenditure and rest will be used as working capital over the next few years.

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