Wednesday, 24 June 2015

Sensex, Nifty flat; Maruti, SBI, Cipla early losers

ONGC, HUL, Coal India, Sun Pharma and Lupin are top gainers in the Sensex. Maruti, SBI, Cipla, HDFC and Axis Bank are among losers.

9:30 am Buzzing: Aviation stocks are flying high on expectations of lower tax burden. Media report indicates that the civil aviation ministry is mulling options to decrease tax burden on the ailing industry. Shares of Jet Airways and SpiceJet were up 6 and 4 percent respectively intraday on Wednesday.

Another sentiment positive what is driving the Naresh Goyal-led airline company is a possible further capital infusion by Etihad into the company. In an exclusive interview to CNBC-TV18, Etihad has said that it is working on a plan on further capital infusion and shareholders will decide on increasing stake in Jet Airways.

Meanwhile, Aviation Ministry sources have said that Jet Airways officials have met it on new codeshare agreements with international airlines. "Jet has not brought up stake hike issue by Etihad with ministry as of now. Any etihad proposal to hike stake will have to be submitted to FIPB," they said.

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Following strong global cues, the market has opened on higher note but soon flattened out. The Sensex is up 0.77 points at 27805.14 and the Nifty down 0.25 points at 8381.30. About 481 shares have advanced, 226 shares declined, and 76 shares are unchanged.

ONGC, HUL, Coal India, Sun Pharma and Lupin are top gainers in the Sensex. Maruti, SBI, Cipla, HDFC and Axis Bank are among losers.

The Indian rupee fell marginally in early trade. The currency has opened at 63.65 per dollar, down 6 paise compared to 63.59 a dollar in previous session.

NS Venkatesh, IDBI Bank expects the rupee to move with a weakening bias due to month-end importer demand in a range of 63.55-63.70/USD. He said the underlying sentiment in the market is positive due to above average monsoon. Expectation of the FII limit being linked to the INR limit will free some limit for investment by FIIs, he added.

Nikkei hit its highest level since June 1997. Kospi index inched up to touch a three-week peak and looked set to extend a five-day winning streak. US stocks closed mildly higher as investors remained optimistic on the Greece debt talks and eyed continued signs of moderate economic growth. The Nasdaq composite closed a record for the second day in a row.

Markets continue to hope that Greece will come to some kind of reforms-for-rescue deal with its international creditors this week, after Athens presented a new set of reform proposals Monday. Greece owes the IMF 1.6 billion euros on June 30 and could default on the debt without more aid.

Crude prices gain ahead of US inventory data which is expected to show strong demand for gasoline.

Brent crude trades above USD 64 per barrel. Gold prices trade below USD 1180 an ounce as the euro slid sharply against the dollar.


Simran Shah said...

The barometer index, the S&P BSE Sensex, was provisionally up 76.29 points or 0.28% at 27,806.50. In overseas stock markets, Asian and European stocks edged higher, buoyed by expectations that a long-awaited deal between debt-burdened Greece and its creditors was firmly taking shape.
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Allianceresearch Jabalpur said...

Indian rupee opens lower at 63.65/$, down 6 paise..

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