Stock Market

Sensex, Nifty sluggish; Maruti, GAIL, Cipla top gainers

13:00

Chillicious Team

1:50 pm Auto sales: 

Hinduja Group flagship company Ashok Leyland today reported 21 percent increase in total sales at 10,180 units last month.


It had produced 8,435 units in the April of last year.


Sales for its heavy and medium commercial vehicles increased 20 percent at 7,871 units in April as against 6,549 units in the year-ago period, the company said in a filing to BSE. Light commercial vehicles sales also went up 22 percent and stood at 2,309 units as against 1,886 units in April last year.


1:30 pm Market outlook: Monsoon is the key for India’s growth in FY17 that will help Indian stocks to rally further, says Dharmesh Mehta, MD & CEO of Axis Capital. The earnings season is much better than the market had expected and will get better in the future, he says. He maintains that if the Indian government delivers on the reforms process, Indian markets will perform exceptionally well and touch new highs. With the bank results unfolding, the worst seems to over for private sector banks and Mehta is quite bullish on the sector.

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The market remains in bear grip as the Sensex is down 170.45 points or 0.7 percent at 25436.17. The Nifty is down 39.45 points or 0.5 percent at 7810.35. About 1113 shares have advanced, 1212 shares declined, and 118 shares are unchanged.


Hindalco, GAIL, Cipla, Lupin and Maruti are gainers while ICICI Bank, Dr Reddy’s Labs, Adani Ports, Bharti Airtel and ITC are losers in the Sensex.

Dharmesh Mehta, MD & CEO of Axis Capital says monsoon is the key for India’s growth in FY17 that will help Indian stocks to rally further.  The earnings season is much better than the market had expected and will get better in the future, he says.

He maintains that if the Indian government delivers on the reforms process, Indian markets will perform exceptionally well and touch new highs. With the bank results unfolding, the worst seems to over for private sector banks and Mehta is quite bullish on the sector.


Asia markets took “sell in May” sentiment to heart, with the Japanese benchmark index tumbling over 3 percent and Australian bank shares selling off.  The Japanese yen traded at 106.51 against the dollar.