Monday 16 November 2015

Sensex up over 100 pts, Nifty eyes 7850; ICICI, SBI lead --- 17 Nov 2015

ICICI Bank, Vedanta, SBI, L&T, BHEL, Idea Cellular, Cairn India and Tata Power were early gainers, up around a percent each. Dr Reddy's Labs, Bharti Airtel, GAIL, Hero Motocorp, Infosys and HCL Technologies were losers.

                                                 
The market has extended rally in early trade Tuesday, taking positive cues from global peers. The 30-share BSE Sensex climbed 109.17 points to 25869.27 and the 50-share NSE Nifty gained 30.95 points at 7837.55. ICICI Bank, Vedanta, SBI, L&T, BHEL, Idea Cellular, Cairn India and Tata Power were early gainers, up around a percent each. Dr Reddy's Labs, Bharti Airtel, GAIL, Hero Motocorp, Infosys and HCL Technologies were losers. On the data front, the trade deficit for the month of October shrunk below the USD 10 billion mark. The Indian rupee has opened with a marginal gains of 5 paise at 65.95 per dollar against previous close of 66. Ashutosh Raina of HDFC Bank said, "The dollar index continues to edge towards the 100 mark with the dollar gaining against most of the currencies. The USD-INR pair continues to trade in the 65.50-66.50/dollar range but is expected to weaken from current levels on the back of overall dollar strength." "We expect the pair to trade in the 65.70-66.30/dollar range for today," he added. On the global front, stocks in the US gained on a sharp jump in oil prices boosted by geopolitical concerns following weekend terror attacks in Paris. Major indices closed more than 1 percent higher, recovering some of their sharp declines of last week. On the economic data front, November empire manufacturing index came in at minus 10. Asian markets remained strong, taking positive lead from Wall Street. Shanghai, Nikkei, Hang Seng, Kospi and Taiwan Weighted gained 1-2 percent. The dollar added on to gains as investors continue to expect an interest rate hike from the Federal Reserve.

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