Thursday, 25 June 2015

Sensex falls, Nifty below 8350; Infosys, Bharti gainers

Infosys, Tata Motors, Hindalco, Lupin and Bharti Airtel are top gainers in the Sensex. Among the losers are M&M, HUL, ITC, Cipla and HDFC.

Dragged by Greek debt woes the market has opened lower on June F&O expiry day. The Sensex is down 90.20 points or 0.3 percent at 27639.47 and the Nifty is down 24.60 points or 0.3 percent at 8336.25. About 226 shares have advanced, 223 shares declined, and 75 shares are unchanged.

Infosys, Tata Motors, Hindalco, Lupin and Bharti Airtel are top gainers in the Sensex. Among the losers are M&M, HUL, ITC, Cipla and HDFC.

The Indian rupee remained unchanged in early trade compared to previous day's closing value. The currency has opened at 63.60 a dollar.

He also expects gradual depreciation in the currency and the normalisation towards emerging market peers to continue. Despite recent depriciation, the rupee remains an outperformer across emerging market currencies, Patnaik said.

The dollar fell marginally as investors' focus slowly shifted from Greece to prospects for higher US interest rates. The dollar index had hit a peak of 95.63 yesterday, its highest level since June 12.

Greek woes resurfaced yesterday as the nation's creditors appear to be unhappy with its latest proposals to win more funding. The proposals include fewer spending cuts than creditors would like. The Greek Prime Minister Alexis Tsipras complained about the repeated rejection of his proposals. Euro zone leaders are accusing Greece of refusing to compromise ahead of a key repayment deadline that is set for next week.

The two sides are still wide apart on sticky issues like pension reforms, higher taxes but some are still trying to stay optimistic.

Asian markets opened lower tracking a negative lead from Wall Street after negotiations between Greece and its creditors hit a stalemate overnight. Nikkei retreated from the 18-year high it had hit earlier. Meanwhile Kospi snapped its six day winning streak.

US stocks closed lower as investors weighed the renewed impasse in the Greece debt talks and digested domestic data.

Nymex crude slips around a percent to USD 60 a barrel after a government report showed an eighth straight weekly drop in US crude stockpiles which was offset by a large build up in oil products.

Gold prices continue to hover around USD 1175 an ounce.


Allianceresearch Jabalpur said...

Nifty above 8350, Sensex flat; BHEL, Lupin, L&T top gainers--

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