Sensex, Nifty touch record levels as rupee recovers

Sensex, Nifty touch record levels as rupee recovers

Positive global cues on easing trade protectionist measures along with an appreciation in the Indian rupee lifted the key equity indices — S&P BSE Sensex and the NSE Nifty 50 — to settle at fresh high levels on Monday.

On a intra-day basis, the BSE Sensex touched a fresh high of 38,340.69 points, while the Nifty50 climbed a peak of 11,565.30 points.

Index-wise, the wider NSE Nifty50 closed at 11,551.75 points, up 81 points or 0.71 per cent from its previous close of 11,470.75 points.

The benchmark BSE Sensex which had opened at 38,075.07 points, closed at 38,278.75 points, higher by 330.87 points or 0.87 per cent from its previous close of 37,947.88 points. It touched an intra-day low of 38,050.69 points.

In the broader markets, the S&P BSE Mid-cap ended higher by 1.05 per cent and the S&P BSE Small-cap rose by 0.14 per cent.

The BSE market breadth was tilted towards the bulls with 1,437 advances and 1,307 declines.

“Positive global stocks, optimism over a trade resolution between the USA and China and strong institutional activity at home fuelled investor sentiment and pushed the bourses to close the day with gains,” Abhijeet Dey, Senior Fund Manager for equities at BNP Paribas Mutual Fund.

The two economic giants are expected to hold lower-level trade talks this month, offering hope that they might resolve an escalating tariff war, Dey added.

Accordingly, major Asian markets closed on a positive note, barring the Nikkei and Straits indices and European indices including FTSE 100, DAX and CAC 40 traded in the green, said Deepak Jasani, Head of Retail Research at HDFC Securities.

Besides, global cues, the appreciation in Indian rupee supported the indices’ upward movement.

On Monday, the Indian rupee appreciated by 33 paise to settle at 69.83 per US dollar, from its record closing low of 70.16 per dollar on the previous trade session.

“The rupee has appreciated today as the US dollar index has witnessed profit booking,” Anand Rathi Shares and Stock Brokers’ Research Analyst Rushabh Maru told IANS.

“There is an optimism in the market that US and China would find a solution for ongoing trade conflict. So that has also supported the rupee.”

Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 483.04 crore and the domestic institutional investors purchased stocks worth Rs 593.22 crore.

Sector-wise, the S&P BSE capital goods index rose 668.41 points, the metal index was up 332.36 points and the auto index rose by 244.22 points.

In contrast, the S&P BSE IT index declined by 188.84 points, consumer durables fell 127.24 points and Teck (entertainment, technology and media) index ended lower by 76.07 points from its previous close.

The major gainers on the Sensex were Larsen and Toubro, up 6.74 per cent at Rs 1,323.95; Tata Motors (DVR), up 5.74 per cent at Rs 143.80, Tata Motors, up 4.74 at Rs 269.55; ONGC up 3.34 per cent, at Rs 168.55; and Tata Steel, up 3.24 per cent at Rs 599.40 per share.

The majors losers were Infosys, down 3.22 per cent at Rs 1,385.20; Maruti Suzuki, down 0.79 per cent at Rs 9,075.90; ICICI Bank, down 0.50 per cent at Rs 338.35; Axis Bank, down 0.46 per cent at Rs 624.20; and Hindustan Unilever, down 0.30 at Rs 1,775.40 per share.

-PTI |21 August 2018 | Mumbai

Sensex rises over 100 points, Nifty nears 10,600

Sensex rises over 100 points, Nifty nears 10,600 

The BSE Sensex rose over 100 points in early trade today, continuing its winning spree for the 10th straight session, on positive global leads and sustained buying by domestic institutional investors.
The 30-share index moved higher by 110.13 points, or 0.32 per cent, to 34,505.19. The gauge had gained 1,375.99 points in the previous nine sessions.
SensexAll the sectoral indices, led by metal and healthcare stocks, were trading in the positive territory.  The broader Nifty too opened higher by 30.70 points, or 0.29 per cent, at 10,579.40.
Brokers said continuous buying by domestic institutional investors (DIIs) and retail investors following a firm trend at other Asian bourses, overnight gains on Wall Street, and encouraging economic data strengthened market sentiment.
Major early gainers were Wipro, Yes Bank, Adani Ports, ITC, Asian Paint, Tata Motors, Bharti Airtel, ONGC, Sun Pharma, Tata Steel, TCS, Maruti Suzuki and RIL rising up to 1.47 per cent.
Meanwhile, on a net basis, DIIs bought shares worth Rs 723.81 crore, while foreign funds sold shares to the tune of Rs 951.39 crore yesterday, provisional data showed.

Brokers said continuous buying by domestic institutional investors (DIIs) and retail investors following a firm trend at other Asian bourses, overnight gains on Wall Street, and encouraging economic data strengthened market sentiment. Major early gainers were Wipro, Yes Bank, Adani Ports, ITC, Asian Paint, Tata Motors, Bharti Airtel, ONGC, Sun Pharma, Tata Steel, TCS, Maruti Suzuki and RIL rising up to 1.47 per cent.

Globally, Japan’s Nikkei moved up 1.29 per cent and Hong Kong’s Hang Seng gained 0.27 per cent in early trade today. Shanghai Composite Index, however, shed 0.36 per cent. The US Dow Jones Industrial Average ended 0.87 per cent higher in yesterday.

– PTI/18 April 2018 / Mumbai

Maruti hikes prices by up to Rs 34,494 to offset infra cess

Maruti hikes prices by up to Rs 34,494 to offset infra cess

The country’s largest car maker Maruti Suzuki India today hiked prices of its vehicles across models by up to Rs 34,494 in order to offset the impact of infrastructure cess proposed in the Union Budget 2016-17.   “Following the infrastructure cess on automobiles in the Union Budget 2016-17… Prices of its models would go up in the range of Rs 1,441 to Rs 34,494 across its models,” Maruti Suzuki India (MSI) said in a statement.

“Following the infrastructure cess on automobiles in the Union Budget 2016-17… Prices of its models would go up in the range of Rs 1,441 to Rs 34,494 across its models,” Maruti Suzuki India (MSI) said in a statement.
Ciaz SHVS and Ertiga SHVS are exempt from the infrastructure cess and so, there is no change in the prices of these models, it added.
The company currently sells a range a vehicles starting from entry-level car Alto 800 to premium crossover S-Cross, priced between Rs 2.54 lakh and Rs 11.69 lakh (ex-showroom Delhi).
Yesterday, German luxury carmaker Mercedes-Benz announced its plan to raise prices of its entire product portfolio by up to Rs 5 lakh from March 15.
Already, Tata Motors hiked the prices of its passenger vehicles in the range of Rs 2,000 and Rs 35,000 while Hyundai Motor India and Honda Cars India have also stated their intention to hike prices in the range of Rs 3,000 to Rs 80,000 on their respective product portfolios.
The government has decided to impose 2.5 per cent cess on diesel vehicles of length not exceeding 4 meter and engine capacity not exceeding 1,500 cc while higher engine capacity and SUVs and bigger sedans were slapped with a cess of 4 per cent on the value of the car.
These are over and above a cess of 1 per cent on petrol/ LPG/CNG driven vehicles of length not exceeding 4 meter and engine capacity not exceeding 1,200 cc.
Finance Minister Arun Jaitley also proposed “to collect tax at source at the rate of 1 per cent on purchase of luxury cars exceeding value of Rs 10 lakh.
-03 March 2016 | PTI | New Delhi

 

Mahindra takes on Maruti, Hyundai by introducing KUV100

 Mahindra takes on Maruti, Hyundai by introducing KUV100

The KUV100 combines aggressive styling and an SUV stance and ample space to accommodate even six people including the driver.

The launch of Mahindra's SUV KUV 1OO in Pune on January 15, 2016. Photo: Paul Noronha

Automobile major Mahindra & Mahindra Ltd (M&M) has ventured into a new segment with the introduction of KUV100, a compact SUV targeted at the youth.

With the introduction of this product with a petrol engine and aggressively pricing it to attract first time car buyers and even college students, the company has taken on passenger car market leaders Maruti Suzuki for its Swift and DZire models and Hyundai for its Grand i10 and Astra.

The KUV100 combines aggressive styling and an SUV stance and ample space to accommodate even six people including the driver. The vehicle is available at all Mahindra dealers from Friday and has been priced starting Rs. 4.42 lakh (ex- showroom Pune) for the petrol base model and Rs. 5.22 lakh (ex-showroom Pune) for the base diesel variant.

KUV100’s price is cheaper than its competitors in the market. The vehicle is also fuel efficient. The diesel engine provides a fuel efficiency of 25.32 km/l while the petrol engine provides mileage of 18.15 kms/l.

The vehicle has been developed with an investment of Rs. 1,200 crore and it took four years to come out with the final product including an all new petrol engine. This is the first time that Mahindra has developed a petrol engine on it own.

“The launch of KUV100 is a defining moment in the automotive journey of Mahindra. This vehicle is our first foray into ground up petrol engine and with it we are defining a new SUV sub-segment and targeting a new customer group,” said Dr Pawan Goenka, Executive Director, Mahindra & Mahindra Ltd.

“Yet another ‘Make in India’ product, the KUV100 aptly represents our ‘Rise’ philosophy in action, as our development team used alternative thinking and challenged the limits to deliver a vehicle that is poised to be nothing less than a game changer for us. We are entering a new orbit and hope to deliver yet another icon (after Scorpio and XUV500), yet another dream SUV,” Dr Goenka added.

KUV100 which stands for Compact Utility Vehicle will be available in seven colours and Mahindras are working on a financing scheme to enable college students to buy this vehicle.

“Being a market leader in SUV space it has always been our endeavour to offer breakthrough products like the KUV100. I believe that this vehicle will appeal to the youth and first time car buyers with its aggressive styling, trendy interiors and the whole list of new features,” Pravin Shah, president & Chief Executive (automotive) M&M said.

This is the 9th vehicle to have been introduced by Mahindra in this financial year. With this vehicle Mahindra intends to gain volume and marketshare which it had lost in the past two years amidst steep competition from all passenger car makers.

CHAKAN (PUNE), January 15, 2016