Thursday, 11 June 2015

Sensex up 100 pts, Nifty holds 8150; Sun Pharma, ICICI gain


ICICI Bank, Sun Pharma, Vedanta, Axis Bank, Hero Motocorp and Ambuja Cements gained 1-1.5 percent while Tata Motors, Tata Steel, NTPC, HDFC Bank, GAIL, Cairn India, HCL Technologies, Tech Mahindra and Dr Reddy's Labs were top losers in early trade.

The market gained further on Thursday morning with the Sensex rising 118.08 points to 26958.58 and the Nifty climbing 28.30 points to 8152.75. About 512 shares have advanced, 102 shares declined, and 66 shares are unchanged on the BSE.

Axis Bank, Hero Motocorp and Ambuja Cements gained 1-1.5 percent while Tata Motors, Tata Steel, NTPC, HDFC Bank, GAIL, Cairn India, HCL Technologies, Tech Mahindra and Dr Reddy's Labs were top losers in early trade.

Meanwhile, the Indian economy has improved on all fronts and the government's coffers are ringing. The indirect tax collections jumped by a whopping 40 percent in just the first 2 months of this fiscal and the reserve bank made the highest ever quarterly reserves of over USD 30 billion in just the first three months of this calendar year.

The Indian rupee has opened higher at 63.81 per dollar today against previous day's closing value of 63.84 a dollar.

Mohan Shenoi of Kotak Mahindra Bank said, "Global currency markets are experiencing high levels of volatility with uncertainty in Greece continuing. The June 16 FOMC meeting is the next key trigger for the currency markets."

"The USD-INR pair is also trading in a range with Reserve Bank of India (RBI) intervention on both sides of the market. The USD-INR pair is expected to trade today in a range of 63.70-64/dollar," he added.

The dollar slipped to two-week lows against the yen yesterday after Japan's chief central banker said the yen was "very weak" and unlikely to fall further.

The dollar eased broadly and also fell against the euro, which benefited from a rise in benchmark german 10-year bund yields to more than 1 percent for the first time since september.

Globally, US markets bounced back closing up more than 1 percent amid signs of encouraging developments in the Greece debt talks. European market too ended higher.

Asian markets were higher with South Korean shares holding on to gains after the Bank of Korea lowered its base rate by 25 basis points to 1.50 percent. Japan's Nikkei rebounded as the yen weakened 0.3 percent versus the USD in early Asian trade.
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