Key benchmark indices surged in early trade tracking gains in Asian markets. At 9:27 IST, the barometer index, the S&P BSE Sensex, was up 337.79 points or 1.23% at 26,542.59. The 50-unit CNX Nifty crossed the psychological 8,000 level. The Nifty was up 84.25 points or 1.17% at 8,044.25. Auto, realty and bank stocks led gains on the bourses.
In overseas stock markets, Asian stocks rose after prospects of a near-term interest rate hike by the Federal Reserve ebbed in the wake of last week's weaker-than-expected US employment data. Data released on Friday, 2 October 2015, showed US non-farm payrolls rose by 142,000 in September, considerably lower than the market expectations. The possibility of the Fed delaying the lift-off date for rates also meant its loose policy, which has helped shore up risk assets globally by providing cheap cash, would continue a little longer. US stocks closed on a positive note on Friday, 2 October 2015 thanks to a late-afternoon rally, but a weak US jobs report added to worries that the economy is slowing.
Closer home, broad market depicted strength. On BSE, 1,038 shares rose and 229 shares declined. A total of 37 shares were unchanged. The BSE Mid-Cap index was up 0.99%. The BSE Small-Cap index was up 0.88%. Both these indices underperformed the Sensex.
TCS (up 3.99%), HDFC (up 2.47%) and L&T (up 2.13%) were the major gainers from the Sensex pack.
ICICI Bank rose 2.21% after the bank on Saturday, 3 October 2015, announced a reduction of 35 basis points in its base rate to 9.35% per annum from 9.7% with effect from 5 October 2015. The base rate is the minimum lending rate charged by a bank.
Tata Motors rose 3.94%. The company announced after market hours on Thursday, 1 October 2015, that sales of passenger and commercial vehicles (including exports) fell by 2% to 45,215 units in September 2015 over September 2014. The domestic sale of Tata commercial and passenger vehicles fell 0.23% to 40,813 units in September 2015 over September 2014.
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Tata Motors passenger vehicles sales fell 1.32% to 11,774 units in September 2015 over September 2014.
The sale of the passenger cars in September 2015 were higher by 5% at 10,226 units, compared to 9,766 units in September 2014. Utility vehicles (UV) sales declined by 28% at 1,548 units in September 2015 over September 2014.
In commercial vehicles, medium and heavy commercial vehicles (M&HCV) sales grew by 52% to 15,915 units in September 2015 over September 2014. The light & small commercial vehicle sales however continued to reflect industry decline and were down by 29% to 13,124 units in September 2015 over September 2014. These impacted the overall commercial vehicles sales for Tata Motors in the domestic market, that were flat at 29,039 units in September 2015.
The company's sales from exports declined 16% to 4,402 units in September 2015 over September 2014.
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