INDIAN BENCHMARKS gains led by auto, metal shares.

INDIAN EQUITY BENCHMARKS gained for the third straight day, amid strong buying interest from foreign institutional investors, with auto and metal shares leading the gains.

Further, Maruti Suzuki ended up 6% , after reporting a 33.5% year on year increase in its total sales for June at 1,12,773 units. It had sold 84,455 units in the same month last year. Sterlite Technologies gain after it bagged nearly Rs 2500 crore of contracts from BSNL to implement end-to-end rollout of optical fiber network for defense services.

The crucial resistance for Nifty is now seen at 7665 and above this 7700. Support for the immediate term is now placed at 7600 and next support will be 7530.

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INDIAN BENCHMARKS edge higher… power and capital goods drive the rally

INDIAN EQUITY BENCHMARKS maintained its momentum supported by heavy buying in financials, infra and power shares amid strong global cues. Fiscal deficit figures for the month of May and auto numbers for the month of June will be announced today.

Further, Ranbaxy rose 3% extending its Friday’s 5% rally, after US Food and Drug Administration's nod for generic version of Novartis blood pressure drug Diovan. Cipla surged 0.8% after signing a definitive agreement to acquire a 51% stake in a pharmaceuticals manufacturing and distribution business in Yemen (owned by a UAE-based parent company) for $21 million.

The crucial resistance for Nifty is now seen at 7625 and above this 7665. Support for the immediate term is now placed at 7530 and next support will be 7480.

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TOP CORPORATE NEWS

·        Sun Pharma at record high as Taro gains 17% post price hike

Shares of Sun Pharma up 3 percent after Taro rallied 17 percent in the US markets, reacting to its price hike of 11 products. Sun Pharma owns a 70 percent stake in Taro.

·        ONGC to invest Rs 5,700 cr in Mumbai High North development

Oil and Natural Gas Corp will invest over Rs 5,700 crore in redevelopment of its giant Mumbai High (North) oil and gas field off the west coast.

                                                                                                        

·        HDIL gains 4% on Citigroup stake buy

Housing Development & Infrastructure Ltd has moved higher by 4% as Citigroup bought 4 million shares of the Mumbai-based real estate developer for about Rs 38 crore through open market.

·        Union Bank surges 6%, shareholders' approval for QIP

Shares of Union Bank of India rallied as much as 5.6 percent after its shareholders approved raising of capital up to Rs 1,386 crore via qualified institutional placement.

INDIAN BENCHMARK started on a strong note with the Sensex and Nifty

INDIAN BENCHMARK started on a strong note with the Sensex and Nifty up 0.5% each in opening trades. The early gains were lead by financials and ITC.

FURTHER, Reliance Industries Ltd along with its partner British Petroleum is planning to invest about Rs 800 crore to carry out exploratory drilling in an offshore block in the Bay of Bengal, off the Tamil Nadu coast. Oil and Natural Gas Corp will invest over Rs 5,700 crore in redevelopment of its giant Mumbai High (North) oil and gas field off the west coast.

Trend in FII flows: The FIIs were net buyers of Rs 192cr in the cash segment on Friday while the DIIs were net sellers of Rs. 172cr, as per the provisional figures released by the NSE.

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