Sensex, Nifty open moderately lower; TCS, HUL lead gainers
9:54 am Market Update:Equity benchmarks remained flat as investors await further details from US President Donald Trump on his economic policies, including tax reforms.
The 30-share BSE Sensex was up 24.70 points at 28493.45 and the 50-share NSE Nifty rose 9.20 points to 8830.90.
9:52 am Buzzing: Shares of Moschip Semiconductor has locked at 5 percent upper circuit as it has bagged an order worth USD 1 million.
“The company’s US subsidiary has entered into an agreement with one of its valuable partners in the US to produce and support a custom silicon solution for its digital cinema product,” as per company release.
The said order is to be executed in next two quarters and it enables the company to establish a footprint for continued engagement in delivering digital cinema silicon and systems solutions.
The company has also signed a binding MoU for establishment and maintenance of smart center with centralised command and monitoring system in the state of Andhra Pradesh on sub-contracting basis.
9:39 am CLSA on L&T: CLSA has a buy call on L&T as it believes the stock is a good proxy for domestic capex.
First order is around the corner, but new bids are key, it says, adding, the needs to win 1 of the 2 large navy orders to utilise its defence yard.
The brokerage house believes company will be a significant beneficiary of defence capex. Its’s tie-up with Navantia, Spain, may endow with certain competitive advantages, it feels.
L&T has emerged as the No 1 player in prequalification for USD 8 billion FICV project.
9:28 am FII View: Surendra Goyal of Citi says the research firm introduced India Sentiment indicator, which uses weighted average of multiple data points to conclude how investors are disposed towards equities.
The indicator is almost at 0 which falls in the ‘neutral zone’, he says.
However, domestic flows continue to be robust and the Q3 earnings season was better than feared. That continues to support the market, he feels.
Goyal maintains September 2017 Sensex Target of 30,000.
Also read – Bull’s Eye: Buy Sun Pharma, Siemens, Pidilite, Just Dial, DHFL
9:15 am Market Check
Equity benchmarks started off the week moderately lower amid consolidation ahead of expiry of February derivative contracts on Thursday.
The 30-share BSE Sensex was down 26.59 points at 28442.16 and the 50-share NSE Nifty fell 6.75 points to 8814.95.
TCS, HUL, GAIL, Wipro, Bharti Airtel, Idea Cellular, Kotak Mahindra Bank and HCL Technologies were early gainers while Maruti Suzuki, Tata Motors, HDFC Bank, ITC, Cipla, Tata Motors (DVR) and Eicher Motors were losers.
The Indian rupee opened lower by 5 paise at 67.06 per dollar today against Friday’s close of 67.01.
Pramit Brahmbhatt of Veracity says despite positive cues from equity market, the rupee is expected to trade with a negative bias.
The trading range for the spot USD-INR pair is seen between 66.80-67.20/dollar, according to him.
The euro struggled for traction against the dollar and yen after suffering significant losses at the end of last week on renewed concerns about the upcoming French elections.
The dollar was held in check by the relative strength of the yen. Hopes of developments in fiscal stimulus plans under US President Donald Trump have also not materialized yet, adding to the drag on the dollar.
Asian markets were mostly higher, as investors await further details from President Donald Trump on his economic policies, including tax reforms.
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