Thursday, 9 July 2015

Sensex up over 100 pts, Nifty nears 8400; TCS falls 1%

Hindalco, GAIL, Tata Steel, Infosys and Coal India are top gainers in the Sensex. Among the losers are Bajaj Auto, HDFC Bank, HUL and NTPC.

9:20 am Market check: The market recovers quickly after a slow start. The Sensex is up 101.27 points at 27788.99, and the Nifty up 35.15 points or 0.4 percent at 8398.20. About 815 shares have advanced, 198 shares declined, and 71 shares are unchanged.

Bharti Airtel, Sun Pharma, L&T, Coal India and Lupin are top gainers while Vedanta, Bajaj Auto, HDFC Bank, TCS and Tata Motors are down in the Sensex.

Don't miss: Manpasand Beverages IPO to list today on BSE, NSE

The market has opened flat on Thursday after massive sell-off in yesterday trade. The Sensex is up 5.30 points at 27693.02 and the Nifty is up 1.80 points at 8364.85. About 377 shares have advanced, 118 shares declined, and 66 shares are unchanged.

Hindalco, GAIL, Tata Steel, Infosys and Coal India are top gainers in the Sensex. Among the losers are Bajaj Auto, HDFC Bank, HUL and NTPC.

Asian shares reversed course and rose as a slide in battered Chinese stocks was stemmed, at least temporarily, while the safe-haven yen was nudged off highs scaled against the dollar.

MSCI's broadest index of Asia-Pacific shares outside Japan, often held hostage to volatile Chinese stocks, was down 0.9 percent early in the day, but then was up 0.8 percent. During Wednesday, it touched a 17-month low.

The country's stock markets have plunged roughly 30 percent over the last three weeks, with a series of increasingly aggressive attempts by authorities so far having failed to stem the massive exodus from a once-booming market.

The Indian rupee opened higher by 6 paise at 63.54 per dollar versus 63.60 Wednesday.

Mohan Shenoi of Kotak Mahindra Bank said, "Developments in China and Greece and its impact on commodities and stocks has resulted in risk-off scenario globally. In this turmoil USD-INR has remained resilient due to strong India macro and Reserve Bank of India (RBI) actions."

US stocks closed lower by nearly 1.5 percent or more as continued concerns about Greece and the extended sell-off in the Chinese market weighed on investor sentiment. Stocks briefly trimmed losses as the New York Stock Exchange resumed floor trading after a near-4 hour halt. The Dow Jones industrial average and S&P 500 closed below their 200-day moving averages and are in negative territory for the year. The Nasdaq slipped 1.75 percent. The

Federal Open Market Committee (FOMC) minutes from the June meeting showed policymakers were concerned about the situation in Greece and China, with most judging that rate hike conditions were not yet achieved.

Nymex is below 52 dollars per barrel while Brent is trading above the 57 dollar mark. Gold prices trade around 1155 dollars an ounce.

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