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Sify Editor @ 3:55 PM
Sensex, Nifty rise; IT, banks lead
Indian shares closed higher for the third successive session on Monday, boosted by gains in IT and public sector bank stocks, as investors remained bullish on the outcome of a possible victory for the ruling Bharatiya Janata Party in Gujarat.
The benchmark BSE Sensex closed up 0.62 percent at 33,455.79.
The broader NSE Nifty, which finished above 10,300 for the first time this month, ended 0.55 percent higher at 10,322.25.
Sify Editor @ 12:25 PM
Nifty, Sensex gain; banks lead
Indian shares rose on Monday, tracking Asian peers that climbed on positive U.S. payrolls and Chinese trade data, with investors continuing to bet on a possible win for the country’s ruling party in a key state election.
Markets are hoping for a big success by Prime Minister Narendra Modi and his ruling Bharatiya Janata Party in assembly elections in Gujarat, with tens of thousands voting in the first stage of the polls on Saturday.
A victory would help boost the government’s re-election prospects during general elections in 2019 and reinforce its reform agenda, although analysts said it was already being priced into markets, making the margin of a win crucial to further boost shares.
Three recent big polls have predicted a victory for Modi’s party, but with a greatly reduced majority.
“If BJP wins, it’s definitely good for the markets, but unless they win by a landslide like they did in Uttar Pradesh and surprise everyone, markets (NSE index) should remain rangebound in the 10,000-10,500 levels,” said R.K. Gupta, managing director at Taurus Asset Management Company.
Sify Editor @ 10:55 AM
Robust Q2 results lift Ucal Fuel Systems
Strong second quarter results fueled a rally at the Ucal Fuel Systems counter Monday morning and lifted the stock to a near 52-week high.
The stock zoomed 20% to hit the upper circuit at Rs 235.20, and is now just a few rupees away from a 52-week high of Rs 242.45 it had touched on 30 March 2017, after having touched a low of Rs 154.40 three months earlier.
Ucal Fuel Systems, which is engaged in providing comprehensive fuel management systems in the automotive space, announced on Saturday that it posted a net profit of Rs 15.98 crore in the quarter ended September 2017, up 99% over its net profit of Rs 8.03 crore in the corresponding quarter of the previous year. Net sales of Ucal Fuels increased 4.8f% to Rs 158.50 crore in the second quarter over the year-ago quarter. At Rs 160 crore, the total income of the company in the July - September 2017 quarter, was down 7% compared to year-ago quarter.
The company also manufactures pumps, emission control parts and various components for both ferrous and non ferrous material. UCAL Group has been providing customers with end-to-end solution from product designing to analysis, prototyping, testing and validation services to the automobile sector, and has been a preferred supplier for some of the top OEMs such as Maruti Udyog, Hyundai, Cummins, Bosch, Mikuni, General Motors, TVS Motor Company, Bajaj Auto, Suzuki, Yamaha and Hero Honda Motors among others.
The Ucal Fuel Systems counters on both BSE and NSE witnessed unusually large volumes this morning. On BSE, the counter has clocked a volume of 3.55 lakh shares today, as compared to average daily volume of just 7127 shares.
Sify Editor @ 9:25 AM
The Sensex in the Green
The key Indian equity indices on Monday was trading higher in the morning session.
The Sensex was trading 154.46 points or 0.46 per cent higher soon after opening.
The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading 40.75 points or 0.40 per cent higher at 10,306.40 points.
The Sensex of the BSE, which opened at 33,317.72 points, was trading at 33,404.76 points, higher 154.46 points or 0.46 per cent from the previous day's close at 33,250.30 points.
The Sensex touched a high of 33,444.98 points and a low of 33,313.17 points in the trade so far.