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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Metals & realty push markets higher 
(Fri, 17 Sep 11:30 am) 
 
After starting today’s session on a positive note, Indian indices have managed to hold on to their gains. Other key Asian markets too are trading strong with both Nikkei and Hang Seng registering healthy gains. Currently heavyweights in the Sensex are in the green with stocks from the metals and realty space witnessing strong buying activity. However, stocks from the banking and power space are trading flat.

Currently, the BSE-Sensex is trading up by around 165 points, while the NSE-Nifty is up by about 56 points. Strong buying interest is also being witnessed amongst the mid and small cap stocks as the BSE-Midcap and BSE-Smallcap indices are trading up by 1.1% and 1.2% respectively. The rupee is trading at 45.94 to the US dollar.

Auto stocks are mainly trading positive with Ashok Leyland and Escorts leading the gains. Commercial vehicle manufacturer Ashok Leyland recently bagged an order for 2,850 buses from seven state transport undertakings (STU) owned by the Tamil Nadu government. The order is for seven state transport undertakings in the state, including Tamil Nadu State Transport Corporations of Villupuram, Coimbatore, Salem, Kumbakonam and Madurai. The order also includes a requirement from Metropolitan Transport Corporation (MTC) for 150 vehicles. These vehicles will conform to Bharat Stage IV emission norms. This is the first such order to be received from an STU. The company however did not disclose the value of the orders. The size of this order is approximately 17% of FY10’s total bus volumes of 16,405 vehicles. Last year the volume growth was just 2.4% in the bus segment for Ashok Leyland which had a 38.1% market share as of FY10.

Banking stocks are mainly trading positive with IndusInd Bank and Canara Bank leading the gains. However,SBI and HDFC Bank are trading flat. As per a leading news daily, SBI is planning to raise Rs 200 bn of capital from the markets. This is likely to take care of the bank’s fund requirement over the next two years. This will also enable SBI to fuel its business plans of 20-25% growth in the future. Overall the bank has plans to raise Rs 400-500 bn over the next five years. The exact amount and nature of instruments will be decided in mutual consultation between SBI and the government. However, as the Parliament has already passed the amendment bill for reduction of government equity in SBI to 51% it has cleared the bank’s way to raise fresh funds from the markets.

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1 Responses to "Metals & realty push markets higher"

Sandeep Garg

Sep 17, 2010

JSW is the good share in steel makers

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S&P BSE SENSEX


May 30, 2017 02:33 PM

MARKET STATS