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Tuesday, 28 October 2014

Sensex, Nifty strong; Tata Motors surges, Sesa declines

10:30am Oil Update

Oil prices rose in Asia today as dealers await the outcome of a US Federal Reserve meeting and the latest US supply report.

US benchmark West Texas Intermediate for December delivery rose 26 cents to USD 81.68 while Brent crude for December was up 20 cents at USD 86.23 in mid-morning trade.

A statement on the meeting's outcome will be released at 1800 GMT tomorrow.

The US central bank is expected to announce an end to its vast asset-buying programme, which was credited with propping up the world's biggest economy after the 2008 financial crisis.

Traders, having already discounted an end to the "quantitative easing" programme, are more interested in what bank policy makers say about the future direction of US interest rates.

Dealers meanwhile are also eyeing the latest US stockpiles report for clues about demand in the world's top crude consumer, reports PTI.

10:00am Market Check

Equity benchmarks maintained strong momentum in morning trade with the Sensex rising 163.50 points to 27044.32 and the Nifty climbing 45.85 points to 8073.45 supported by auto, FMCG, oil and banks stocks.
The broader markets gained too with the BSE Midcap and Smallcap indices adding 0.6 percent and 0.9 percent, respectively. Advancing shares outnumbered declining ones by a ratio of 1394 to 551 on the Bombay Stock Exchange.

Commercial vehicle maker Tata Motors climbed nearly 3 percent after a 4 percent rally in its ADR on the NYSE. Mahindra and Mahindra jumped over 1.5 percent.

Two-wheeler maker Hero Motocorp gained 1.5 percent as RBI said FIIs/RFPIs can now invest up to 49 percent in company. Hero sees retail scooter sales at 90,000 units in October. "We are raising scooter production capacity to 1 lakh units/month by January and are confident of double digit growth in scooters this year," it added.

However, Sesa Sterlite declined 0.8 percent as the metals and mining company is likely to report a 37 percent decline in second quarter profit after tax due to Cairn's subdued numbers in Q2. More information please visit this site

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