Tuesday, 23 June 2015

Nifty below 8350, Sensex down; Infosys falls 1%, GAIL drags


Hindalco, Bharti Airtel, SBI, L&T and Tata Steel are top gainers in the Sensex. Among the losers are Infosys, ICICI Bank, GAIL, TCS and Maruti Suzuki.

9:23 am Market check: The Sensex is down 44.93 points or 0.1 percent at 27685.28, and the Nifty is down 11.95 points or 0.1 percent at 8341.15. About 608 shares have advanced, 459 shares declined, and 81 shares are unchanged.

Infosys is down 1 percent while GAIL, Axis Bank, Wipro and ICICI Bank are major losers in the Sensex. Hindalco, Bharti, L&T, Cipla and Coal India are top gainers.

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The market opened higher but soon flattened out quickly within minutes. The Sensex is up 29.91 points or 0.1 percent at 27760.12, and the Nifty is up 7.85 points or 0.09 percent at 8360.95. About 493 shares have advanced, 132 shares declined, and 69 shares are unchanged.

Hindalco, Bharti Airtel, SBI, L&T and Tata Steel are top gainers in the Sensex. Among the losers are Infosys, ICICI Bank, GAIL, TCS and Maruti Suzuki.

The Indian rupee has opened lower at 63.61 per dollar, down 10 paise compared to 63.51 a dollar in previous session.

Ashutosh Raina, HDFC Bank said the dovish comments in the FOMC statement have helped improve market sentiment with the likelihood of a Fed rate hike getting pushed to the later part of this year. Some positive developments in the Greek talks has further helped the risk on sentiment, he added.

According to him, the spill over of the risk on sentiment has helped Indian equity and currency markets with the USD/Rupee pair slipping back into the Rs 63- 64/USD range. He expects the pair to trade in the Rs 63.30-63.80/USD range.

The euro edged lower against the US dollar, but remained higher against the yen and Swiss franc as a new cash-for-reforms offer from Greece raised hopes a tangible deal is taking shape that will help Athens avoid a default on its debts.

Asian stocks are up on a positive note on the back of a strong overnight handover and on hopes that a Greek deal is in the offing. Nikkei is trading at a near 3-week highs. While Kospi is on course for a five-day winning streak as blue chips continued to power ahead. China is due to put out the markit China flash Purchasing Managers Index (PMI) for June.

Expectations are that the reading will come in at 49.4 picking up pace a tad bit from May's final HSBC PMI reading of 49.2.

US stocks closed higher, following a global rally in equities, as investors cheered signs of progress in the Greece debt negotiations. The Nasdaq composite set a new closing and intraday record, topping the highs set on Thursday.

European equities surged on hopes of resolution in the Greece debt talks.

Brent crude trades around 63 USD per barrel on concerns that US demand for gasoline may fade. Gold prices decline towards the USD 1180 mark led by strength in global equities which curbed safe-haven demand for the metal.
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3 comments:

stockcash tips said...

The Sensex is up 29.91 points or 0.1 percent at 27760.12, and the Nifty is up 7.85 points or 0.09 percent at 8360.95.Stock Cash Tips

Allianceresearch Jabalpur said...

Sensex, Nifty likely to open higher on firm global cues..

Cash Tips

Pritish Panja said...

Ready for correction
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