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Market closes at 6 month high on Tata Motors robust Q3 numbers

Rating cuts, by Moody's, of various eurozone nations is likely to take some of the sting away from the market.

TheBSE Sensex traded at 17,749, while NSE Nifty is 6 points lower at 5,384.

by Shishir Asthana 14 Feb 09:36 am IST

     

3.30 p.m: Markets closed at their 6 month high helped by a sharp move in Tata Motors towards the end of the day. Sensex closed the day at 17,848 a gain of 75 points while Nifty closed 28 points higher at 5417.

Tata Motors posted a net profit of Rs 3,406 crore as against market expectation of Rs 2,500 crore. This was the best ever profit figure by the company, thanks to its European operations which generated most of the profits.

SBI closed the day 3 percent higher at Rs 2,196 crore a day after the bank announced its results.

Lower inflation numbers resulted in some buying interest in real estate and auto sector stocks. HDIL, which also announced it results today closed the day 7.23 percent higher at Rs 104.60, DLF closed 1.82 percent higher at Rs 234.55. Hero Moto closed 3.6 percent higher at Rs 2085 while Ashok Leyland closed 2.95 percent higher at Rs 27.90.

Lanco Infra was the star performer of the day, closing 16.4 percent higher at Rs 18.80 after the company said that it will be raising $750 million at the same time divesting non-core businesses.

Cipla was the worst performer, falling 6 percent post announcement of its December numbers, which resulted in analysts downgrading the company.

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Tata Motors jumps to 52 week high as net profit beats estimates

2.30 p.m: Tata Motors announced its profit of Rs 3,406 crore as compared to expectation of Rs 2,500 crore. The stock trades 4.4 percent higher at Rs 269.40 a new 52 week high.

Markets have moved higher led by metal stocks with Hindalco gaining 3.80 percent at Rs 161.85 while Tata Steel trades at Rs 490.55 up 1 percent as commodity prices rise in the global....
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