Tuesday, 5 July 2016

Sensex, Nifty open flat; ITC, ICICI, Adani Ports early gainers

ICICI Bank, ITC, Adani Ports, Bharti Airtel and Tata Steel are top gainers while ONGC, Bajaj Auto and Wipro are losers in the Sensex. 

9:55 am Fertiliser price cut: The retail prices of non-urea fertilisers including DAP have been slashed by up to Rs 5,000/tonne following drop in global prices of raw materials, Union Minister Ananth Kumar said.

The state-run fertiliser firms Rashtriya Chemicals and Fertilisers (RCF) and National Fertilizers Ltd (NFL) as well as private firm Indian Potash Ltd (IPL) have agreed to reduce the price of non-urea fertilisers, the Fertiliser Minister said.

The retail price of Di-ammonium Phosphate (DAP) has been cut by Rs 2,500 to Rs 22,000/tonne, Muriate of Potash (MoP) by Rs 5,000 to Rs 11,000/tonne, while complex fertilisers rates have been brought down by Rs 1,000/tonne.

For a bag of 50 kg, the effective rate for DAP would come down by Rs 150, MoP by Rs 250 and other NPK fertilisers by Rs 100.

9:45 am Big deal: Jaiprakash Associates and UltraTech approved an amendment to the draft sale agreement that was signed in March this year to sell JP Associates cement business to the latter.

UltraTech will buy JP’s cement five operating units, amounting to a capacity of 17.2 million tonnes per annum for Rs 16,189 crore and pay an additional Rs 470 crore for a grinding unit.

JP Associates current debt stand's at Rs 28,000 crore alongwith Rs 2,000 crore in a subsidiary. Of this, Rs 12,000 crore will be transferred to UltraTech, says Rahul Kumar, Director & CFO of JP Associates. The company will have close to Rs 15,000-16,000 crore debt left post the deal.

9:30 am FII view: Suhas Harinarayanan, JM Financial says the market is no longer in the value zone. “Given that the market is now pricing in a higher probability of a double-digit EPS growth, there looks to be only a few domestic factors that could drive the market higher in the near-term. Our recommended, bottom-up, model portfolio continues to be skewed towards private financials, healthcare, & consumer discretionary.”

Don't miss: Motilal Oswal upgrades M&M to buy, monsoon & rural big triggers 

Soon after opening in mildly green, the market slipped into red. The Sensex is up 60.53 points or 0.2 percent at 27339.29 and the Nifty is up 8.60 points or 0.1 percent at 8379.30. About 223 shares have advanced, 75 shares declined, and 20 shares are unchanged.

ICICI Bank, ITC, Adani Ports, Bharti Airtel and Tata Steel are top gainers while ONGC, Bajaj Auto and Wipro are losers in the Sensex.

The Indian rupee opened lower by 6 paise at 67.33 per dollar against previous close 67.27. Yen held steady against the dollar on safe haven buying. The currency has gained more than 3 percent since the UK.

Ashutosh Raina of HDFC Bank said, "The strong rally in USD-INR has been halted by aggressive intervention. Expect the pair to trade in the 67-67.50/dollar range in near term."

All eyes will be on the Cabinet re-shuffle today. As many as 19 new ministers, half a dozen of them from Uttar Pradesh which goes to polls in 2017, are set to be inducted into his team by Prime Minister Narendra Modi.

Among global markets, Asian shares stepped back after five straight days of gains today as investors took stock of a rally driven by the hope that central banks will provide stimulus to offset a likely downturn triggered by Brexit.

MSCI's broadest index of Asia-Pacific shares outside Japan. Japan's Nikkei .N225 dropped 0.5 percent. Financial and commodities markets in the United States were closed on Monday for Independence Day.

The Bank of England has indicated it could take provide stimulus measures to support the economy in coming months. Many investors also expect the European Central Bank and the Bank of Japan could expand their monetary easing. Base metal prices were also bolstered by talk of stimulus in China.

Yen held steady against the dollar on safe haven buying. The currency has gained more than 3 percent from Brexit. Crude prices decline as signs of slowing demand in Asia weighed. Gold prices were near USD 1350 an ounce.
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