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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Banking stocks lead markets higher 
(Mon, 13 Sep 09:30 am) 
 
The Indian markets have started today's session on a positive note. The benchmark indices opened above the breakeven mark and have stayed in the positive territory. Other key Asian markets are in the green with Hong Kong (up 1.4%) leading the pack of gainers. The US markets ended higher by 0.5% last Friday.

Currently in India, heavyweights from the BSE-Sensex are trading strong with banking majors attracting investors' interest. The BSE-Sensex is trading higher by around 240 points, while the NSE-Nifty is up by about 70 points. Buying interest is also being witnessed among mid and small cap stocks as the BSE-Midcap and BSE-Smallcap indices are trading higher by 0.9% and 1% respectively. The rupee is trading at 46.3 to the US dollar.

Auto stocks have opened the day on a strong note. Gainers here include Hero Honda and Bajaj Auto. As per a leading business daily, TVS Motor is planning to invest around Rs 4 bn over the next two years to increase its production capacity to 4 m units from the current 2 m. The proposed investment will be funded through debt and internal accruals. The company is eyeing a market share around 17% during the present year, in the two-wheeler segment, compared to 15% last year. To support domestic customers, the company has infused around Rs 1 bn in TVS Credit. The company's exports contribute 7 to 8% of its revenues which it plans to increase to 20% by 2012. Its Indonesian subsidiary PT TVS Motor Company will play a significant role in the effort. For this purpose, the parent company has made an additional investment of Rs 936 m in it. The subsidiary will cater to markets in South East Asian countries, Iran, Nigeria and Brazil.

Energy stocks have opened the day on a positive note. Gainers here include ONGC and Oil India. As per a leading business daily, the government is planning to raise the rates of administered priced mechanism (APM) gas sold to sectors other than power and fertiliser by over 10% to US$ 5.25 per million British thermal unit (mBtu). APM gas is produced by ONGC and Oil India from fields given to them on a nomination basis. The government had recently raised the price of APM gas sold to power and fertiliser units from about US$ 1.8 to US$ 4.2 per mBtu. However, the rate for gas sold to non-core sector industries remained at the earlier rate of US$ 4.75 per mBtu. It may be noted that about 25% of the country's daily output of 57 million standard cubic metres of APM gas is sold to consumers in non-core sectors, like steel and petrochemicals.

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Sep 26, 2017 03:35 PM

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