Nifty eyes 8350, Sensex up 150 pts; HDFC twins, ICICI Bank lead

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10:55 am Market Update: Benchmark indices maintained momentum with the Sensex rising 129.19 points to 27028.75 and the Nifty up 45.40 points at 8334.

About two shares advanced for every share falling on the BSE.

10:40 am Buzzing: Suzlon Energy shares rallied 5 percent intraday on winning order of 226.8 MW wind power project from a leading independent power producer (IPP) in Anantapur district of Andhra Pradesh.

The order consists of 108 units of S111 90m tubular tower with rated capacity of 2.1 MW. The project is scheduled for completion by March 2017.

The renewable energy solutions provider in a BSE filing said it has entered into an exclusive supply and installation agreement and engineering & construction of the project.

The company will also be responsible for operation and maintenance services with dedicated life cycle asset management services for an initial period of 10 years.

The project has the potential to provide power to over 1,20,000 households and reduce 0.48 million tonnes of CO2 emissions per annum, Suzlon said.

10:20 am Market Outlook: The worst is getting over, believes Vibhav Kapoor of IL&FS who expects Nifty to touch 9000 levels in March 2017.

He said a 17-18 percent increase in Nifty can be seen in the third quarter as banks and metal stocks will perform better.

State elections are round the corner and Kapoor says that the polls are the most important cue in 2017 for the markets. For the emerging markets, he says US will play a very important role.

10:00 am Market Check

Benchmark indices remained higher in morning with the Nifty inching towards 8350 and the Sensex trading above 27000 level, driven by banking & financials, infra and auto stocks.

The 30-share BSE Sensex was up 149.24 points at 27048.80 and the 50-share NSE Nifty gained 53.90 points at 8342.50 while the broader markets moderately outperformed, rising more than 0.6 percent on positive breadth.

About three shares advanced for every share falling on the BSE.

Tata Steel topped the buying list, up 3.4 percent followed by HDFC Bank, ICICI Bank, HDFC and L&T. TCS was down 0.7 percent followed by Infosys, especially ahead of December quarter earnings later this week.

IndusInd Bank surged more than 5 percent as majority of brokerage houses retained buy call on the stock post December quarter earnings.

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