The market gained further on support from index heavyweights Reliance Industries, HDFC and ITC. The broader markets also traded in line with benchmarks; the BSE Midcap gained 0.5 percent and Smallcap climbed nearly 1 percent.
The 30-share BSE Sensex rose 130.26 points to 24776.74 and the 50-share NSE Nifty surged 37.15 points to 7522.50. More than two shares advanced for every share declining on the Bombay Stock Exchange.
ITC, Tata Motors, Lupin, ONGC, GAIL and BHEL topped buying list on Sensex, up more than 2 percent followed by HDFC, L&T, Sun Pharma, Axis Bank and M&M with more than 1 percent upside. Infosys, TCS, ICICI Bank, HUL and SBI declined around a percent.
Apollo Tyres will invest up to USD 600 million (about Rs 4,000 crore) next fiscal to enhance capacity at its plants in India and abroad. The company, which announced its foray into the two-wheeler market, will start rolling out tyres from its upcoming plant in Hungary by January 2017.
"We plan to spend around USD 500-600 million as part of our capital expenditure in the next fiscal on our two plants in Chennai and Hungary," Apollo Tyres Vice-Chairman and Managing Director Neeraj Kanwar told PTI. He further said the company is doubling the capacity of its Chennai plant to 12,000 truck and bus radials (TBR) a day from 6,000 earlier.
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