Nifty Stays above 7700; Markets Rebounds
Indian Stock Market traded positive on Tuesday and BSE Sensex closed just 100 point less than 26,000 while NSE Nifty closed at 7,746.
Many companies surprised the street with positive results and stock prices jumped accordingly. Marico posted impressive gains in net profit and the stock ended 15 percent higher. The stock touched record high of Rs 295 in today's trade.
Cement counters were strong with UltraTechCement, ACC and Ambuja Cement leading the sector.
Indian smartphone maker Micromax has displaced Samsung from first rank in mobile phone sales. Micromax owns 16.6 percent market share in the Indian market. The market share of Samsung declined from 16.3 percent to 14.4 percent during the second quarter. Micromax offers good configuration for smartphones and the company has priced its products competitively.
Indian market has still some steam left and the positive results announced by major Indian companies could offer further momentum to the markets.
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