Maruti Suzuki shares drive markets higher
The Hindu
Indian stock market update at 10:30 a.m. IST: Nifty up 0.14%, Sensex up 0.21%; Maruti Suzuki leads gains.
Indian shares rose on July 9, led by Maruti Suzuki after the car maker's shares were traded at a premium to its closing price.
The NSE Nifty 50 was up 0.14% at 24,354.6 points as of 10:30 a.m., while the S&P BSE Sensex added 0.21% to 80,126.43 points.
Maruti Suzuki jumped 4.75% after the automaker's shares were traded in eight block deals — the trade of a large number of shares negotiated outside the open market — at a premium of 2.5%-4.3% over their closing price on Monday.
The stock was the top gainer on the Nifty and also led the 1% jump in the auto index.
Overall, eight of the 13 major sectors logged gains.
"The overall fundamentals of the markets remain positive, which is limiting any downside despite high valuations," said Poonam Tandon, chief investment officer at IndiaFirst Life Insurance.
"On the domestic front, it will be the national budget on July 23, earnings season and monsoon that will be key triggers in the next few weeks," Tandon added.