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Sunday, 2 November 2014

Sensex, Nifty off day's high; SBI, Axis Bank, L&T gainers

11: 50 am FII view: Andrew Holland CEO, Ambit Investment Advisors is bullish on Indian equity market and foresees the Nifty touching 9,000 mark by Budget next year. In an interview to CNBC-TV18, he says, "Over the past few months, I have been travelling around meeting a lot of high networth individuals (HNIs). What they say is that I am proud to be Indian again. It is a very powerful statement. I think that will hold us in good state even through turbulent times in global markets."

He feels that pro-reform Narendra Modi could be able to push tough reforms going ahead. On macros, he expects the Reserve Bank of India (RBI) to cut rates by 50 bps in Q1CY15. Sectorally,Holland is playing the theme of buy supplies. He is also monitoring the performance of banks more closely.

11:30 am Autos fall: Auto stocks are succumbing to selling pressure on tepid October sales as investors were hoping to rake in strong growth during the festive season. Shares of Maruti, M&M, Bajaj Auto, Hero MotoCorp and Tata Motors are down 1-3 percent.

Despite the overall weak auto sales data, Rajiv Bajaj, managing director of Bajaj Auto is pleased that his company's motorcycle market share in the country rose to 20 percent. He expects the market share to rise to 23 percent by April.

He says festive season sales have been good, but not extraordinary. Total sales for October stood at 3.86 lakh units versus 3.99 lakh units month-on-month (m-o-m), with Discover 150cc sales at around 28,000 for the month.

The country's largest car-maker Maruti Suzuki India reported a 1.1 percent decline in total sales in October at 1,03,973 units as against 1,05,087 units in the same month last year. The company said its domestic sales rose by 1 percent during the month to 97,069 units as against 96,062 units in October, 2013.

Meanwhile, even after a bumper festive sale, Hero MotoCorp did not see much growth in October trade. It had said it clocked sales of over 10 lakh two-wheelers during the 37-day festive period, which started on September 25 (first day of Navratras) and lasted until October 31 2014.

The country's largest two-wheeler maker Hero MotoCorp  reported 8.05 percent fall in its sales in October to 5,75,056 units. The company had sold 6,25,420 units of two-wheelers in October 2013. More information please visit this site

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