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INDIAN EQUITY MARKET OUTLOOK - 3 Oct 2017

Equity Tips
Sensex opens 300 pts higher, Nifty above 9850; Tata Motors soars 6%

Equity benchmarks opened sharply higher, tracking positive global cues and strong auto sales data.

The 30-share BSE Sensex was up 301.40 points or 0.96 percent at 31,585.12 and the 50-share NSE Nifty gained 84 points or 0.86 percent at 9,872.60.

Tata Motors, Eicher Motors, Hero Motocorp, Dr Reddy's Labs, Bank of Baroda and BPCL rallied 1-6 percent.

Nifty Midcap rallied 1 percent on strong breadth. About five shares advanced for every share falling on the NSE.

Reliance Communications plunged 6 percent and Tourism Finance fell nearly 3 percent.Asia markets were mostly higher post US equities closing at record highs overnight.

SBI Life Insurance Company, which recently completed its initial share sale offer, will make its stock market debut today.

The initial public offer (IPO) of Rs 8,400 crore was oversubscribed 3.58 times on September 20-22. The portion meant for qualified institutional buyers (QIBs) was oversubscribed 12.56 times while that of non- institutional investors received 70 per cent subscriptions and retail investors 85 per cent, data available with the NSE showed.

SBI Life is a joint venture between India's largest lender State Bank of India (SBI) and BNP Paribas Cardif (BNPPC), the insurance holding company of France.

Dr Reddy's Laboratories has launched Sevelamer Carbonate tablets (generic version of Renvela) in the US market.

"This is the company's eighth overall and fourth limited-competition launch this fiscal year," Alok Sonig, Executive Vice President and Head of North America Generics business said.

For the last 12 months ending in July 2017, the drug had US sales of approximately USD 1.88 billion, according to IMS Health.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
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