Indian equity market extended its gains for the third consecutive trading day and rallied over 1.40%. Sentiment was boosted by higher opening in European markets and a rise in Asian markets. Sensex ended the day at 18,886.13, near to its key psychological level of 19,000 and surged 266.14 points while Nifty ended the day at 5,550.75 up by 78.95 points.
Tata Motors' total sales down 30% year-on-year while M&M’s total sales slip 17%. Maruti though reported 5% month-on-month growth in sales to 87,323 units. Two-wheeler major, Bajaj Auto also sees a 5% uptick in total sales versus last month.
Shares of Tata Steel zoom on reports that the company planning to raise domestic sales on hopes of higher demand post monsoon season. Tata Steel has planned to increase local sales to 8.5 million tonnes in the current financial year amid hopes prices will rise as demand picks up following the monsoon season. In last 1 month, the steel prices have risen 7% due to increased demand in Europe.
Among the sectoral indices CNX Realty (3.48%), CNX FMCG (3.34%) and CNX Metal (3.15%) were top gainers while other major indices ended in positive terrain.
Out of 50 stocks of Nifty 35 stocks advanced while 15 stocks declined.
Top 5 Nifty gainers: JP Associate (9.82%), IndusInd Bank (7.36%), Tata Steel (6.09%), DLF (5.55%) and Ranbaxy (5.16%) were top index gainers.
Top 5 Nifty losers: Kotak Bank (-4.90%), M&M (-2.07%), Tata Power (-1.85%), Hero Motorcorp (-1.38%) and ACC (-1.27%) were top Nifty losers.
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