Sensex up 100 pts, Nifty above 9950; Aditya Birla Capital lists at Rs 237.50
The NSE Nifty started off September series on a flat note on Friday but the broader markets outperformed, rising half a percent.
The 30-share BSE Sensex was up 25.19 points at 31,755.68 and the 50-share NSE Nifty rose 6.2 points to 9,924.10.
Bajaj Auto gained 2 percent on August sales data. Dr Reddy's Labs surges 6.5 percent on settlement for drug.
TCS, HCL Technologies, HDFC, NTPC, ITC and HUL were under pressure.
Nifty Midcap was up 0.5 percent as about four shares advanced for every share falling on the NSE.
Sakthi Siva of Credit Suisse said the four most overvalued markets on price-to-book value versus return on equity valuation model are India, Indonesia, Philippines and Malaysia.
While historically markets tend to be overvalued because of investors' perception of structural growth and therefore the ability to deliver on earnings but all four are associated with downgrades to 2017 estimated consensus EPS in August, she added.
"While we have previously highlighted three years of cuts to 2017 expected consensus EPS for India, we highlight that EPS cuts in August are not one-off for the other three as well. We re-iterate underweight on the 'Expensive 4' club,"
Aditya Birla Capital will list on bourses today.
Aditya Birla Capital is the demerged company from Grasim which holds controlling stake in financial services businesses of the group. The demerger and listing of financial services business under one umbrella was part of the group restructuring exercise and was aimed at unlocking value for shareholders.
"Quality company with controlling stake in Aditya Birla group’s asset management, insurance and lending businesses is good investment opportunity for long term investors,"
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