Thu Jun 22 2017
Ramesh Sridharan (876 articles)

Market Live: Sensex rises 100 pts, Nifty opens above 9650; RIL leads

10.24 am Market Check: Equity benchmarks as well as broader markets held early gains, with the Sensex rising more than 100 points, supported by index heavyweights Reliance Industries, Infosys and HDFC Group stocks.

The 30-share BSE Sensex was up 125.81 points at 31,409.45 and the 50-share NSE Nifty rose 32.65 points to 9,666.25.

The BSE Midcap and Smallcap indices gained around half a percent as about two shares advanced for every share falling on the BSE.
9:50 am Technical Outlook: Going forward, Dharmesh Shah

of ICICI Research expects the Nifty to continue the consolidation between the broad range of 9500 and 9750 amid stock specific action while digesting the impact of GST in the short-term.

The key support base for the index is placed around 9500 region as it is the confluence of lower band of rising channel in place since February 2017 which also coincides with the 50 percent retracement of the last rising segment, he said.

9:35 am RBI on IDFC: The Reserve Bank of India has today notified that the foreign shareholding by foreign institutional investors (FIIs)/ foreign portfolios investors (FPIs) in IDFC have gone below the prescribed FII/FPI investment limit.

Hence, the restrictions placed on the purchase of shares by FII/FPI of the above company, are withdrawn with immediate effect, it added.

9:15 am Market Check: Equity benchmarks rebounded in opening trade Thursday, with the Nifty reclaiming 9650 level following positive Asian cues.

The 30-share BSE Sensex was up 109.69 points at 31,393.33 and the 50-share NSE Nifty gained 30.25 points at 9,663.85, backed by Reliance Industries.

Reliance Industries, Tata Motors, Tata Motors DVR, HDFC, Asian Paints, Ambuja Cements and Aurobindo Pharma gained 1-1.5 percent while HUL, ONGC, Wipro, Lupin, HDFC Bank, GAIL and Tata Power were under pressure.

Among midcaps, Amtek Auto, Metalyst Forging, Prism Cement, Jaiprakash Assoicates, IDFC, Jaypee Infra, Punj Lloyd, Bhushan Steel, Federal Bank, JM Financial, Geojit Financial and Fortis Healthcare gained 2-9 percent while Videocon Industries was locked at 5 percent lower circuit.

The Indian rupee opened flat at 64.53 per dollar against previous close of 64.52.

Mohan Shenoi of Kotak Mahindra Bank feels the next trigger for rupee appears to be the pace and quality of GST implementation.

He expects the USD-INR pair to trade in a range of 64.40-64.70/dollar for the day.

The minutes of the MPC June policy meeting has raised expectations of monetary easing in subsequent policy reviews.
Asian markets were cautiously higher as oil prices rose slightly after hitting a ten-month low overnight.

Ramesh Sridharan

Ramesh Sridharan

Ramesh Sridharan is our Stock Market Correspondent covering events and daily movements of stock markets in Asia. He is based in Mumbai


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