Indian share markets trade marginally higher with the BSE Sensex up by 157 points, while the Nifty is trading higher by 53 points. The broader markets, however, are outperforming benchmarks.
Hero Electric retail sales registered over 100% growth
Hero Electric has registered 24,000 retail sales during the 45 days festive period starting from October 1 to November 15 compared to last year sales that stood at 11,339 units. This is more than 100 per cent increase as compared to the sales that occurred last year during the same period. The company already has over 4 lakh electric vehicles on the Indian roads. Hero Electric has attributed rising fuel prices and government-backed FAME II policy that subsidise the purchase of electric vehicles.
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Ashok Leyland opens new store
Ashok Leyland has opened a new 3S (sales/service/spares) dealership, D.R Brijmohan & Sons in Guwahati, Assam. Spread over 1,15,000 sq. ft., it offers 18 bays, wheel alignment and accident repair facility. This dealership is located in Lokhra, the transport hub of Guwahati. Ashok Leyland also has 10 upcoming outlets in Assam, Meghalaya, Arunachal Pradesh and Tripura to cater to the rising demand in North-East India.
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Nifty Energy up 1%
The Nifty Energy index is up 1% led by ONGC (up 4%), Tata Power (3.5%), and GAIL (2.5%).
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Nifty Bank Outlook: Angel One
Following the weakness from the previous session, the Bank Nifty started on a negative note however it managed to find support on the previous session low and started bouncing back. The bank index eventually ended with marginal gains of 0.39% at 37273. The BankNifty has now reached the October swing low and from here this high beta index had witnessed a strong upmove. By returning back to the origin point of upmove with oscillators in deep oversold territory we witnessed some bounce back in yesterday’s session. However, the momentum is strongly gripped by the bears and hence we expect this support around 36500 – 36600 to be broken very soon. Hence, any further extension of this bounce should be taken to lighten up the existing long positions. Immediate resistance is seen around 37800 – 38000 levels.
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Read More: Sensex nears 58.9k, Nifty up 70 points; PSU Bank, Oil & Gas shine