Business standard has posted by Sensex gains 100 points, Nifty tops 8,200; Infosys, TCS up 2%
Markets have
wiped off early losses and are trading near day’s high amid choppiness
led by strong buying among IT shares and select auto shares.
At 12:25 pm, S&P BSE Sensex is up 123 points to quote at 26,749 and the Nifty50 is up 33 points to quote at 8,204. Broader markets are underperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.1%-0.3%.
Top gainers from the Sensex pack are Infosys, TCS, Tata Motors, L&T, Bajaj Auto and ONGC.
IT shares have gained momentum following a slump in the Indian rupee. The local currency opened at 67.68 against the greenback, despite dollar weakening against major currencies globally. At 11.25, the rupee was trading at 67.42 a dollar, recovering some of its strength on possible intervention from RBI once rupee touched 67.69 level in opening trade.
Shares of tyre manufacturers are trading weak, with the sector major MRF hitting 52-week low of Rs 31,005 on the BSE in intra-day trade.
Ceat, MRF, JK Tyre, Balkrishna Industries, TVS Srichakra and Apollo Tyres are down up to 2%.
Shares of Eros International Media are up over 2% at Rs 211 on the Bombay Stock Exchange after the company said it has entered into a television syndication deal for their new and catalogue films with Zee Network.
Max Financial Services has moved higher by 12% to Rs 531, also its 52-week high on the BSE, after the company and Max Life on Friday entered into an agreement for a merger with HDFC Life.
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Updated at 10:57 am
Markets are trading with strength on the back of a strong rally in the technology stocks follwing a slump in the Indian rupee.
The Indian rupee slipped in the early trade on Monday after Reserve Bank of India (RBI) Governor Raghuram Rajan's decided not to seek a second term. It is trading at 67.40 down 33 piase.
At 10:57 am , S&P BSE Sensex is up 62 points to quote at 26,688 and the Nifty50 is up 15 points to quote at 8,185. L&T, TCS, Dr Reddy's Lab, Infosys and M&M have gained between 0.6%-2%. Among the IT frontliners, TCS, Infosys and Wipro have gained up to 1%.
HCL Technologies was trading higher by nearly 4% at Rs 780, extending its Friday’s gain on the BSE, after the company announced that it has signed a strategic IT partnership contract with LeasePlan, a global fleet management and driver mobility company of Dutch origin.
_____________________
(updated at 10:00 am)
After witnessing a knee-jerk reaction in the early morning trades, benchmark indices have turned flat as investors digested the exit of RBI Governor Raghuram Rajan.
At 9:35 am , S&P BSE Sensex is up 23 points to quote at 26,649 and the Nifty50 is down points to quote at 8,160. L&T, TCS, Dr Reddy's Lab, Infosys and M&M have gained between 0.6%-2%.
(updated at 9:35 am)
Markets have started the week on a dismal note on the possible exit of Britain from the European Union (EU) and Reserve Bank of India (RBI) Governor Raghuram Rajan's decision not to seek a second term. Meanwhile, uncertainty about the Brexit vote may be the greatest danger to markets right now.
At 12:25 pm, S&P BSE Sensex is up 123 points to quote at 26,749 and the Nifty50 is up 33 points to quote at 8,204. Broader markets are underperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.1%-0.3%.
Top gainers from the Sensex pack are Infosys, TCS, Tata Motors, L&T, Bajaj Auto and ONGC.
IT shares have gained momentum following a slump in the Indian rupee. The local currency opened at 67.68 against the greenback, despite dollar weakening against major currencies globally. At 11.25, the rupee was trading at 67.42 a dollar, recovering some of its strength on possible intervention from RBI once rupee touched 67.69 level in opening trade.
Shares of tyre manufacturers are trading weak, with the sector major MRF hitting 52-week low of Rs 31,005 on the BSE in intra-day trade.
Ceat, MRF, JK Tyre, Balkrishna Industries, TVS Srichakra and Apollo Tyres are down up to 2%.
Shares of Eros International Media are up over 2% at Rs 211 on the Bombay Stock Exchange after the company said it has entered into a television syndication deal for their new and catalogue films with Zee Network.
Max Financial Services has moved higher by 12% to Rs 531, also its 52-week high on the BSE, after the company and Max Life on Friday entered into an agreement for a merger with HDFC Life.
*****************************
Updated at 10:57 am
Markets are trading with strength on the back of a strong rally in the technology stocks follwing a slump in the Indian rupee.
The Indian rupee slipped in the early trade on Monday after Reserve Bank of India (RBI) Governor Raghuram Rajan's decided not to seek a second term. It is trading at 67.40 down 33 piase.
At 10:57 am , S&P BSE Sensex is up 62 points to quote at 26,688 and the Nifty50 is up 15 points to quote at 8,185. L&T, TCS, Dr Reddy's Lab, Infosys and M&M have gained between 0.6%-2%. Among the IT frontliners, TCS, Infosys and Wipro have gained up to 1%.
HCL Technologies was trading higher by nearly 4% at Rs 780, extending its Friday’s gain on the BSE, after the company announced that it has signed a strategic IT partnership contract with LeasePlan, a global fleet management and driver mobility company of Dutch origin.
_____________________
(updated at 10:00 am)
After witnessing a knee-jerk reaction in the early morning trades, benchmark indices have turned flat as investors digested the exit of RBI Governor Raghuram Rajan.
At 9:35 am , S&P BSE Sensex is up 23 points to quote at 26,649 and the Nifty50 is down points to quote at 8,160. L&T, TCS, Dr Reddy's Lab, Infosys and M&M have gained between 0.6%-2%.
Meanwhile, the possibility of a British departure from the EU has left
investors unnerved. If Britons do vote in a referendum on Thursday to
leave the European Union on 23, no corner of the global financial market complex will emerge unscathed.
-----------------------------------------
KEY STOCKS
Banking stocks have taken a hit after Governor Raghuram Rajan’s
decided to not renew his term after September 3. Among some of the
prominent losers are Axis Bank, ICICI Bank, HDFC Bank and SBI down
between 0.1%-1%.
Indian Oil Corp has gained 1% and Oil India is trading flat after
both companies along with BPRL signed an agreement with Rosneft for
participatory share in subsidiary of Rosneft, Russia's national oil
company.
SpiceJet has signed a pact with with cab aggregator 'mytaxiindia' to
offer passengers the option of booking a taxi to reach the airport at
the time of ticket purchase. The stock has climbed 0.3%.
Engineering major L&T's subsidiary L&T Hydrocarbon
Engineering has won orders valued at Rs 1170 crore. L&T Hs surged
1.4%.
UCO Bank board has approved the proposal raising Tier I Capital to
the tune of Rs 4,243 crore through issue of AT-1 Bonds and Tier II
Capital of Rs 1,500 crore through issue of Tier II Bonds. The stock is
trading flat.
M&M Financial Services ha soared 2% after it planned to issue
non-convertible debentures including subordinated debentures, in one or
more tranches, aggregating upto Rs 24,500 crore on a private placement
basis.
Max Financial Services could see some profit booking after sharp
gains in the previous post the announcemnt of a merger of Max Life
Insurance Company Ltd and Max Financial Services Ltd into HDFC Standard
Life Insurance Company by way of a scheme of arrangement.
Coal India said that Central Coalfields Limited ("CCL"), the
Company's subsidiary, at its meeting held on June 16, 2016 has
considered and approved the buyback of 2350000 fully paid equity shares
of face value of Rs. 1000/- each. Coal India has shed 0.3%.
Eros International Media surged 2.5% after it announced a television
syndication deal for their new and catalogue films with Zee Network.
Subros said that it has reinstated full supplies to its customer
Maruti Suzuki India Limited from the Company's other plants at Noida,
Pune and Chennai. The stock is flat.
(updated at 9:35 am)
Markets have started the week on a dismal note on the possible exit of Britain from the European Union (EU) and Reserve Bank of India (RBI) Governor Raghuram Rajan's decision not to seek a second term. Meanwhile, uncertainty about the Brexit vote may be the greatest danger to markets right now.
The Reserve Bank of India (RBI) Governor Raghuram Rajan unexpectedly said he would step down in September. The early indicator SGX Nifty is also trading with certain amount of weakness in the morning trades which further dented sentiments.
At 9:15 am , S&P BSE Sensex has shed 169 points to quote at 26,457
and the Nifty50 has lost 55 points to quote at 8,115. Geojit BNP Pribas
in a technical note says, "a lower opening, while not unexpected, could
reduce the intensity of bearishness that was maturing last week. This
would mean that the retest of recent low or 8043 could attract value
buying again. Direct fall below 8,000 could pave way for 7,700."
Initial deficit in monsoon rains, fluctuations in rupee value and food
prices, FII stance and crude oil price movement are likely to dictate
the trend. Other key global data points which are crucial in order to
set the tone for markets are US homes sales, US crude oil inventory and
employment data.
The Indian rupee slipped in the early trade on Monday after Reserve
Bank of India (RBI) Governor Raghuram Rajan's decided not to seek a
second term. It has opened lower by 57 paise at 67.65 per dollar versus
67.08 Friday.
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