Nifty nears 8000, extends rally for third consecutive day

by Prateek Mazumder on Market Analysis, Market Wrap

Indian markets extended its rally for the third consecutive day today. But, by the end of the trading session, most of the gains from the morning were booked and market was back to the level where it closed yesterday. Nifty opened with a positive gap up near the levels of 8000. Backed with the positive economic data along with the global cues, the Sensex closed above its psychologically important level of 26200. Nifty ended above 7950.

Amongst the prominent sectors, the outlook was mixed. These sectors which gained the most are CNX PHARMA(+1.72%), CNX MEDIA(+1.25%) and CNX ENERGY(+0.10%). The sectors which lost the most today are CNX REALTY(-1.67%), CNX IT(-1.37%) and CNX PSU BANK(-0.78%). The market breadth was negative today with 24 Advances and 26 Declines in Nifty.

Among the prominent stocks, The stocks which gained the most today are ULTRACEMCO (+3.84%), LUPIN (+3.20%), ZEEL (+2.32%), SUNPHARMA (+2.28%) and ADANIPORTS(+2.12%). The stocks which lost the most today are HCLTECH (-12.54%), BHEL (-3.28%), GAIL (-2.91%), MARUTI (-2.28%) and VEDL (-1.48%).

M&M acquire 33% stake in Mitsubishi Agri– M&M on Thursday completed USD 25 million acquisition of 33% stake in Mitsubishi Agricultural Machinery Co, which has been renamed as Mitsubishi Mahindra Agricultural Machinery Co. Mahindra & Mahindra, which had announced the acquisition in May this year, said in a statement that the two companies entered into a capital tie-up through a third party allocation of new shares. As a result of the capital infusion, Mitsubishi Heavy Industries now owns 66.7% and M&M 33.3% in Mitsubishi Agricultural Machinery (MAM). Starting from October 1, 2015 the name of the company (MAM) has been changed to Mitsubishi Mahindra Agricultural Machinery Co.

 

Eicher motor zooms in today’s trade- Eicher Motors  posted another month of strong sales performance. Total Royal Enfield sales grew 59% YoY at 44,491 units against 28,020 units. Models with up to 350cc engine capacity grew 63% YoY at 40,280 units versus 24,662 units, while models with more than 350 cc engine capacity saw sales uptick of 25% at 4211 units versus 3358 units in the year-ago period. The company’s total commercial vehicles sales increased by 10.7% at 4047 units against the same period previous year

 


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