Sensex is up 173.96 points or 0.6 percent at 28410.35

The market is surging ahead after initial hiccup. The Sensex is up 173.96 points or 0.6 percent at 28410.35, and the Nifty is up 54.70 points or 0.6 percent at 8619.30. About 1340 shares have advanced, 601 shares declined, and 105 shares are unchanged. HDFC, Dr Reddy's Labs, TCS, SBI and ICICI Bank are top gainers in the Sensex. Among the losers are Tata Motors, ONGC, NTPC, Sun Pharma and M&M. 9:45 am Houseview: Maintaining a buy rating on Tata Motors, CLSA says that While FY16 will be a weak year, FY17 should see a strong rebound in JLR’s volumes and profits as the ‘transition effect’ fades and platform rationalisation benefits start flowing through. It has set a target price of Rs 550 per share but slashed FY16-18 earnings per share (EPS) by 9-19 percent. It says that JLR's FY16 margins will be under pressure due to lower share of China in UK volumes, weaker product-mix, new model launch costs and China pricing pressures. Margins are expected to improve in FY17 on platform rationalisation benefits, weak commodity price, operating leverage benefits from higher volumes in engine plant and lower new model launch spend. 9:30 am FII view: Rakesh Arora, Macquarie said after a smart rally, the market is looking for further triggers. "RBI kept interest rates unchanged which somewhat dampened spirits. The ongoing Parliament tussle is also not adding to confidence," he added. According to him, on a positive note, monsoon is on track to be normal and India may be in for a likely bumper crop. Arora said earnings season, too, is delivering on muted expectations. Overall, there's nowhere to go, except to follow liquidity, he feels. Don't miss: Global dairy prices at a 13-year low, NZ PM sees perfect storm brewing The market has kick-started the week on flat note. The Sensex is down 5.02 points at 28231.37 and the Nifty is up 2.85 points at 8567.45. About 677 shares have advanced, 306 shares declined, and 78 shares are unchanged. Hindalco, GAIL, Dr Reddy's Labs, Vedanta and Tata Steel are top gainers in the Sensex. Tata Motors loses 1 percent while BHEL, ITC, ICICI Bank and L&T are among laggards. 

 

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