Wednesday, 27 April 2016

Nifty hits new 2016 high, Sensex firm; ONGC, Maruti gain 1-2%

The Nifty has hit fresh high of 2016 as the 50-share index is up 18.60 points or 0.2 percent at 7981.25. The Sensex is up 41.62 points or 0.2 percent at 26048.92. About 1110 shares have advanced, 540 shares declined, and 95 shares are unchanged.

The Nifty has hit fresh high of 2016 as the 50-share index is up 18.60 points or 0.2 percent at 7981.25.  The Sensex is up 41.62 points or 0.2 percent at 26048.92 About 1110 shares have advanced, 540 shares declined, and 95 shares are unchanged.

ONGC, Tata Motors, Matuti, ITC and Hero are top gainers while Axis Bank, ICICI Bank, SBI, Lupin and HDFC are losers in the Sensex.

Meanwhlie, broking firm CLSA firms feels Indian equities are expensive at 16.1 times forward earnings and this is likely to cap market returns hereon.

CLSA says improvement in corporate earnings could be a positive trigger, but could take a while to play out.

“Base-effect driven YoY (year-on-year) earnings growth improvement is likely from the September quarter and should sustain through to Mar-17; but this positive trigger is unlikely to play out before Oct/Nov,” the CLSA note says.

Rupee is weakened by 6 paise to 66.58 against the dollar in early trade largely due to month-end demand for the US currency from importers. The month-end demand from banks and importers and a lower opening of the domestic equity market mainly weighed on the rupee, forex dealers said.

A weakness in the US dollar against some currencies in the global market hit by weaker-than-expected durable goods orders data, however, limited the fall, they added.

Sensex, Nifty open in red; Axis Bank falls 4%, Bharti gains

Bharti Airtel, ONGC, Adani Ports, Coal India and BHEL are top gainers while Axis Bank, ICICI Bank, M&M, Maruti and Dr Reddy's Labs are losers in the Sensex.
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