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Market Live: Sensex trades higher, Nifty near 9,800, auto stocks rise

BSE Sensex and NSE Nifty trade higher on Friday. Photo: Mint

Mumbai: Indian shares rose for a second consecutive session while the rupee and bonds also gained as sentiment improved after the government stuck to its budgeted market borrowing for the year, easing concerns New Delhi would widen its fiscal deficit target. Indian markets have been under pressure this month on foreign fund outflows amid worries that the government may widen its fiscal deficit.

The government on Thursday said that it will borrow Rs2.08 trillion for fiscal year 2018 but dose not ruled out possibility of selling more government bonds for additional spending. The Reserve Bank of India notified that it has increased the limits for foreign portfolio investors for October-December by Rs8,000 crore for government securities and Rs6,200 crore in state development loans.

Here are the latest updates from the market:

■ 2.52pm: BSE Sensex gained 83.37 points, or 0.27%, to 31,365.85, while the Nifty 50 was up 39.20 points, or 0.39%, to 9,807.15. The smallcap rose 1.01% and the midcap was up 0.85%.

■ 2.50pm: Indian rupee on Friday strengthened for the second session against the US dollar. The home currency was trading at 65.35 against the dollar, up 0.22% from its Thursday’s close of 65.51. The rupee opened at 65.39 a dollar and touched a high and a low of 65.24 and 65.47 respectively.

■ 2.03pm: BSE Sensex rose 219 points, or 0.70%, to 31,501.51, while the Nifty 50 was up 80.75 points, or 0.83%, to 9,850.

■ 2.00pm: Renewable energy firm ACME Solar Holdings has filed preliminary papers with Sebi to raise Rs2,200 crore through an initial public offering, according to draft papers filed with the markets regulator.

■ 1.00pm: BSE Sensex was trading higher by 181 points, or 0.58%, to 31,463.64, while the Nifty 50 was up 62 points, or 0.64%, to 9,831.40. All sectoral indices were trading up led by realty, which was up 2.91%, oil and gas 1.97% and metal 1.43%.

■ 12.55pm: Modi Rubber Ltd sold its investment in Xerox India to Xerox Investments Europe BV, Netherlands, for a total consideration Rs25.1 crore. Modi Rubber shares were down 0.69% at RS107.25.

■ 12.50pm: Cadila Healthcare Ltd said Zydus Cadial received a final approval from the US Food and Drug Administration to market Doxycycline tablets. Shares of Cadila Healthcare rose 2.32% to Rs478.

■ 12.22pm: BSE Sensex rose 199.52 points, or 0.64%, to 31,482, while the Nifty 50 was up 64 points, or 0.66%, to 9,833.10. Bajaj Auto, ICICI Bank and Adani Ports were top gainers with gains to the tune of 3%, 1.76% and 1.68%, respectively.

■ 12.15pm: IFCI Ltd said it has sold 1.93 crore shares, or 24% of its stake, in Tourism Finance Corp. of India Ltd at an average price of Rs150.03. Shares of TFCI surged over 9% to Rs158.80 earlier today. Currently, the stock is up 1.14% at Rs146.85.

■ 11.12am: BSE Sensex gained 138 points, or 0.44%, to 31,420, while the Nifty 50 was up 43 points, or 0.44%, to 9,812.

■ 11.08am: Among the sectoral indices, the BSE Realty rose 2.58%, the oil and gas gained 1.78% and the utilities was up 1.19%. Meanwhile, the IT index fell 0.25%.

■ 11.00am: Tourism Finance Corp. Of India surged 8% to Rs 152 after huge block deal. Around 19.40 million shares of the company changed hands in two block deal, according to a Bloomberg report. However details of the buyers and sellers were not known.

■ 10.38am: BSE Sensex rose 111 points, or 0.35%, to 31,393, while the Nifty 50 gained 42 points, or 0.43%, to 9.811.

■ 10.35am: Realty stocks are trading higher. Indiabulls Real Estate Ltd rose 5.4%, DLF Ltd 3.2%, Prestige Estate Ltd 2.6%, HDIL Ltd 2.3%, Unitech Ltd 2.1%.

■ 10.33am: Non-banking finance company MAS Financial Services Ltd on Thursday said it will launch its Rs460 crore initial public offering on 6 October. The Gujarat-based company has priced its shares at Rs456-459. At the upper end of this price band, the initial share sale values the company at approximately Rs2,275 crore. The IPO will close on 10 October.

■ 9.52am: BSE Sensex traded higher by 115 points, or 0.37%, to 31,398, while the Nifty 50 rose 44.50 points, or 0.46%, to 9.813.

■ 9.45am: Auto stocks traded higher ahead of festive season. Bajaj Auto rose 1.7%, Hero MotoCorp Ltd 1.1%, Maruti Suzuki India Ltd 1%, Eicher Motors Ltd 2.6%, TVS Motors Co Ltd 1.7%, Mahindra & Mahindra Ltd rose 0.3%.

■ 9.40am: Hindustan Construction Co Ltd rose 5.5% to Rs 34.55 after Lavasa Corp. on Thursday said its lenders have decided to convert part of their loans into equity as part of debt restructuring along with fresh fund infusion from strategic investors to complete its stuck township project near Pune in Maharashtra.

■ 9.28am: BSE Sensex opened higher by 146 points, or 0.47%, to 31,428.60, while the Nifty 50 rose 40 points, or 0.41%, to 9,809.

■ 9.25am: Gail India Ltd rose 7% to Rs 423.30 after Petroleum and Natural Gas Regulatory Board (PNGRB) has put up a consultation document on unified pipeline tariff proposing a 60% hike in tariff by GAIL.

■ 9.20am: Lovable Lingerie Ltd rose 13% to Rs 252.90 after the company said its board to meet on 6 October to consider share buyback.

■ 9.17am: Shreyas Shipping & Logistic Ltd rose 7% to Rs 461 after the company said it signed memorandum of association for acquiring one multipurpose vessel and one container vessel.

■ 9.15am: The rupee opened at 65.39 a dollar. At 9.15am, the home currency was trading at 65.35 against the dollar, up 0.25% from its Thursday’s close of 65.51.

■ 9.13am: The 10-year bond yield was at 6.628%, compared to its previous close of 6.641%. Bond yields and prices move in opposite directions.

■ 9.10am: Asian currencies were trading mixed. South Korean won was up 0.27%, Indonesian rupiah 0.19%, Philippines peso 0.17%, Malaysian ringgit 0.05%. However, Japanese yen was down 0.25%, China renminbi 0.24%, China Offshore 0.23%, Singapore dollar 0.07%. The dollar index, which measures the US currency’s strength against major currencies, was trading at 93.22, up 0.15% from its previous close of 93.085.

With inputs from Reuters

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