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The Indian equity markets stood buoyant throughout the day owing to global market gains and rate cut announced by the Reserve Bank of India yesterday. The strong rally in benchmark indices today was led by metal, FMCG, realty, and power sectors. While BSE-Sensex was seen up by 376 points, the NSE-Nifty too rose higher by 106 points. The mid and small cap indices too gathered steam and finished well in the green. The S&P BSE Midcap closed up by 1.7% and the S&P BSE Smallcap indices ended the trading day up by 1.1%.
Asian markets finished broadly higher today with shares in Japan leading the region. The Nikkei 225 is up 2.70% while Hong Kong's Hang Seng is up 1.28% and China's Shanghai Composite is up 0.48%. European markets are sharply higher today with shares in France leading the region. The CAC 40 is up 2.56% while Germany's DAX is up 2.23% and London's FTSE 100 is up 1.92%. The rupee rose by 19 paise to trade at 65.77 against the US$ in the afternoon session.
Buying activity was witnessed across majority of the automobile sector with Tata Motors and Hero Motocorp leading the pack of gainers. Shares of Bajaj Auto ended the trading day on an optimistic note (up 2.4%) after it was reported that the company is planning to enter the Russian market with its Pulsar range of motorcycles. The company had recently shipped a few containers of Pulsar motorcycles to Russia on a trial basis. This will make Bajaj the first Indian company to export a mass market motorcycle to Russia. The company exports vehicles to over fifty five countries around the world and is a leading motorcycle brand in African markets.
According to a leading financial daily, Larsen & Toubro's (L&T) subsidiary, L&T Construction's Power Transmission & Distribution Business has won orders worth Rs 13.8 bn in both the domestic and global markets in September 2015. In the domestic market, the solar business has won multiple orders from a reputed solar power developer for the engineering, procurement and construction of 115 Mega Watt peak (MWp) solar installations in the southern part of India. The total installed capacity of solar plants by the company would be 643 MWp upon completion, making it one of the highest installation carried out by an Indian Engineering Procurement Construction (EPC) company. The subsidiary has also received an order from West Bengal State Electricity Transmission Company for engineering, procurement and construction of 132 kV double circuit transmission lines in various districts of West Bengal. In the international market, the company has made a strategic breakthrough in Malawi, Africa, by bagging an order for the construction of two 400/132kV substations on EPC basis. Another order has been bagged in the Middle East for EPC of a 220kV substation from a reputed customer.
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