Tracking gains from Wall Street, the S&P BSE Sensex surged over 300 points to reclaim its crucial psychological level of 26000, led by gains in Infosys, ICICI Bank, ITC, HDFC and RIL.The 50-share Nifty index rose over 100 points to reclaim its crucial psychological level of 7900, supported by gains in FMCG, Pharma, IT, banks, realty and oil & gas stocks.
Citi downgrades Maruti Suzuki to "neutral" from "buy"Sees downside risks to earnings driven by heady valuations,moderate domestic demand and dissipating FX tailwindsStock has 44 buy and 5 hold ratings - Eikon data.Trades at 12-month forward P/E of 20.8x vs 18x of rivals - Eikon data.Separately, sentiment remains underpinned on company's plan to raise FII investment limit in its AGM on Sept. 4.
The market has opened higher riding high on strong global cues. The Sensex is up 392.57 points or 1.5 percent at 26107.23 and the Nifty is up 127.90 points or 1.6 percent at 7919.75. About 461 shares have advanced, 64 shares declined, and 14 shares are unchanged.China markets were also higher today with benchmark index Shanghai Composite trading 1.6 per cent higher. In the previous six days, China shares slumped over 22 per cent, pulling down markets across the globe.
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