Nifty holds 8700, Midcap outperforms; Maruti hits record high

Bulls continued to keep control over Dalal Street in noon trade on short covering in auto, banks, infra and oil stocks. The broader markets outperformed equity benchmarks with the BSE Midcap and Smallcap indices rising more than 1.5 percent.

The 30-share BSE Sensex was up 276.42 points or 0.99 percent at 28142.38 and the 50-share NSE Nifty rallied 93.65 points or 1.09 percent to 8704.80. About four shares advanced for every share falling on the BSE.

India is likely to see double-digit earnings growth in FY17 and FY18, feels Mahesh Nandurkar of CLSA. Tailwinds in the next couple of quarters from reasonably good monsoons and low base effect in the banking space should help in 12-14 percent earnings growth in FY17, he tells CNBC-TV18.

As a base case, he believes liquidity will continue to keep up the market run.

Maruti Suzuki shares hit a record high of Rs 5,707.25, rising more than 4 percent intraday after strong sales data in September followed by M&M, Tata Motors, Hero Motocorp and Bajaj Auto.
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