1 March 2017

Sensex, Nifty, Midcap Hold Morning Gains; Tata Motors Falls

Equity benchmarks as well as broader markets maintained morning gains, driven by banking & financials, FMCG and pharma stocks after Q3 GDP data surprised street. 
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The 30-share BSE Sensex gained 194.54 points at 28937.86 and the 50share NSE Nifty rose 51.75 points to 8931.35 while the Nifty Midcap and Smallcap indices were up around 0.6 percent. About 1593 shares advanced against 936 declining shares on the BSE.

India's real gross domestic product (GDP) beat consensus estimates, growing 7 percent YoY in Q3FY17 as private consumption grew at the fastest pace in 17 quarters. Tata Motors fell over a percent ahead of February sales data due later today. Maruti Suzuki was up 0.2 percent after sales in the month gone by grew 11 percent while Eicher Motors fell 0.6 percent as Royal Enfield sales missed analysts' expectations, growing 19 percent year-on-year. 

Index heavyweights HDFC, Infosys, ITC and ICICI Bank continued to support the market, up 1-2 percent. Gold fell today as the dollar strengthened on hawkish comments overnight from US Federal Reserve officials, while an eagerly awaited speech by US President Donald Trump contained few specifics or surprises.

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