Key benchmark indices extended gains and hit fresh intraday high as firmness in Asian markets boosted sentiment. At 10:17 IST, the barometer index, the S&P BSE Sensex, was up 371.75 points or 1.42% at 26,592.70. The 50-unit CNX Nifty was currently hovering above psychological 8,000 level after crossing that level in early trade. Gains in Nifty were lower than the surge of Sensex in percentage terms. The Nifty was up 101.30 points or 1.27% at 8,052.20.
The Sensex surged 389.40 points at the day's high of 26,610.35 hit in morning trade. At the day's high, the Sensex hit highest level in more than five weeks. The Nifty jumped 110.55 points at the day's high of 8,061.45 hit in morning trade. At the day's high, the Nifty hit highest level in more than five weeks.
In overseas stock markets, Asian stocks rose after prospects of a near-term interest rate hike by the Federal Reserve ebbed in the wake of last week's weaker-than-expected US employment data. Data released on Friday, 2 October 2015, showed US non-farm payrolls rose by 142,000 in September, considerably lower than the market expectations. The possibility of the Fed delaying the lift-off date for rates also meant its loose policy, which has helped shore up risk assets globally by providing cheap cash, would continue a little longer. US stocks closed on a positive note on Friday, 2 October 2015 thanks to a late-afternoon rally, but a weak US jobs report added to worries that the economy is slowing.
Closer home, broad market depicted strength on BSE, with more than three gainers for every loser. On BSE, 1,540 shares rose and 449 shares declined. A total of 67 shares were unchanged. The BSE Mid-Cap index was up 1.18%. The BSE Small-Cap index was up 1.12%. Both these indices underperformed the Sensex.
Auto stocks gained. Mahindra & Mahindra (M&M) (up 1%), Ashok Leyland (up 1.38%), Hero Motocorp (up 1.35%), Eicher Motors (up 2.12%), and Bajaj Auto (up 1.26%) gained. Maruti Suzuki India (down 1.66%) and TVS Motor Company (down 0.11%) declined.
Tata Motors surged 6.41% to Rs 316.05 on bargain hunting after the stock fell 16.16% in the preceding 13 trading sessions to Rs 297 on Thursday, 1 October 2015, from a recent high of Rs 354.25 on 10 September 2015. Meanwhile, the company announced after market hours on Thursday, 1 October 2015, that sales of passenger and commercial vehicles (including exports) fell by 2% to 45,215 units in September 2015 over September 2014. The domestic sale of Tata commercial and passenger vehicles fell 0.23% to 40,813 units in September 2015 over September 2014.
Tata Motors passenger vehicles sales fell 1.32% to 11,774 units in September 2015 over September 2014.
The sale of the passenger cars in September 2015 were higher by 5% at 10,226 units, compared to 9,766 units in September 2014. Utility vehicles (UV) sales declined by 28% at 1,548 units in September 2015 over September 2014.
In commercial vehicles, medium and heavy commercial vehicles (M&HCV) sales grew by 52% to 15,915 units in September 2015 over September 2014. The light & small commercial vehicle sales however continued to reflect industry decline and were down by 29% to 13,124 units in September 2015 over September 2014. These impacted the overall commercial vehicles sales for Tata Motors in the domestic market that were flat at 29,039 units in September 2015.
The company's sales from exports declined 16% to 4,402 units in September 2015 over September 2014.
Realty stocks rose. Sobha (up 2.09%), Indiabulls Real Estate (up 2.07%), Unitech (up 1.31%), Housing Development & Infrastructure (HDIL) (up 2.21%), DLF (up 0.75%), Oberoi Realty (up 2.75%), and Godrej Properties (up 1.17%) edged higher.
National Buildings Construction Corporation rose 1.42% after the company said that it secured total business worth approximately Rs 276.96 crore from various clients in September 2015. The announcement was made after market hours on Thursday, 1 October 2015,
Bharti Airtel rose 1.97%. With respect to news article titled "ASCI Tells Airtel to Stop Airing 'Misleading' 4G Ad", Bharti Airtel said during market hours today, 5 October 2015, that in response to the communication from Advertising Standards Council of India (ASCI), the company has engaged with ASCI to provide them with the technical data in support of advertising claims and are following the prescribed process to schedule a review of the said issue. The company is confident of getting a favorable response from ASCI. Bharti Airtel said the advertising campaign of the company revolves around the promise of fastest internet speeds and features a set of claims that are based on rigorous test conditions.
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