India : Sensex gains over 100 pts, Nifty firm; Reliance up 2%
Mumbai : The market has opened higher on Monday. The Sensex is up 118.21 points or 0.4 percent at 27954.71 and the Nifty is up 22.65 points or 0.3 percent at 8564.05. About 186 shares have advanced, 47 shares declined, and 22 shares are unchanged.
Asian Paints, Reliance, Axis Bank, Bajaj Auto and Infosys are top gainers while NTPC and ONGC aee losers in the Sensex.
The Indian rupee has opened lower by 9 paise at 67.15 per dollar against Friday’s closing value of 67.06 a dollar. Turkey’s Lira recouped losses as concern eased following a failed coup attempt in Turkey. The nation’s currency plunged the most in eight years against the dollar on Friday. Meanwhile, the yen declines against the dollar.
FMCG major Hindustan Unilever (HUL) announces its first quarter earnings on July 18, but analysts do not expect any fireworks due to muted urban and rural demand. Profit is expected to increase 10 percent year-on-year to Rs 1,156 crore on margin expansion, according to average of estimates of analysts polled by CNBC-TV18. Revenue is seen rising 5.6 percent to Rs 8,557 crore in the quarter ended June 2016 from Rs 8,105 crore in year-ago period with volume growth around 4.5-5.5 percent. Gross margin is likely to be at around 52.5-53 percent for the quarter but expansion may taper going ahead as commodity prices are bottoming out. According to analysts, benefits from monsoon & 7th Pay Commission may be seen October 2016 onwards.
Betting that the liquidity rush will continue in the short term, Geoff Lewis of Manulife Asset Management expects the US economy to pick up in the second half on the year. Strong jobs data is keeping the US markets in a good shape, he told CNBC-TV18.Lewis, however, said that he doesn’t expect an interest rate hike by the US Federal Reserve until December. A rate hike in September would come too close to the US Presidential election in November, he said.
Lewis said he’s bullish on emerging markets with strong domestic growth. In Asia, his picks include India, Indonesia and Philippines.