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Monday, 10 November 2014

Sensex inches towards 28K; Amtek Auto, HCC rally over 10%

10:30am Asia Update
Japanese and Chinese stock markets stood out against a mostly lackluster backdrop in Asia on Tuesday, with a deal to give global investors easier access to China's USD 3.9 trillion stock market partially offsetting worries about declining oil prices.

Chinese shares continued to outperform and were at three-year highs. They added 1.3 percent on top of the previous session's 2.5 percent surge after officials announced on Monday that a November 17 would mark the beginning of a tie-up that will allow global investors to buy Chinese stocks from Hong Kong.

MSCI's broadest index of Asia-Pacific shares outside Japan erased early losses and eked out a 0.1 percent gain. Japan's Nikkei stock average added 1.4 percent, extending gains as the yen turned lower in afternoon trade.

Sentiment was also boosted by the Bank Of Japan's move on Monday to purchase 38 billion yen (USD 331.2 million) of exchange-traded funds (ETFs), as part of its recently beefed-up economic stimulus campaign. The news was announced after markets closed on Monday, reports Reuters.

10:00am Market Check

Equity benchmarks continued to trade higher with marginal gains supported by banking and financials stocks. The 30-share BSE Sensex rose 84.08 points to 27958.81 and the Nifty climbed 24.50 points to 8368.75.

The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.66 percent and 0.5 percent, respectively. Advancing shares outnumbered declining ones by a ratio of 1327 to 644 on the BSE.

Tata Steel, Gail India, Mahindra and Mahindra, Axis Bank, HDFC, IDFC, UltraTech Cement, Ambuja Cements and Jindal Steel topped the buying list, up 1-3 percent.

However, BHEL, Coal India, Dr Reddy's Labs, Infosys, Bharti Airtel and NMDC are under pressure, down 0.7-1.7 percent.

In the midcap space, Amtek Auto climbed 14 percent after its subsidiary Amtek Global Technologies secured a long-term loan of 235 million euro (over Rs 1,800 crore) from global investment firm Kohlberg Kravis Roberts (KKR), to replace its existing short-term loan.

HCC jumped 10 percent after Sebi approved Lavasa's Rs 750 crore IPO prospectus. Redington India, Bayer Crop and Abbott India rallied 4-9 percent.

However, SREI Infra and Solar Industries fell more than 3 percent post second quarter earnings. 

Rajesh Exports, Westlife Development and ING Vysya Bank slipped 2-3 percent. More information please visit this site www.bigprofitbuzz.com

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