Nifty holds 8600, Sensex firm; Sun Pharma, Hindalco gainers - 17 July 2015

Sun Pharma, Hindalco, Hero MotoCorp, L&T and Wipro are top gainers in the Sensex. Among the losers are Axis Bank, Coal India, Tata Motors, GAIL and Maruti.

Shares of Lupin gained more than 1 percent on approval from US Food and Drug Administration for diabetes drug. The pharma major has received an approval from the USFDA for PrandiMet (also known as Prandin) generic that is used for treatment of type 2 diabetes. Danish pharmaceutical company Novo Nordisk is the innovator of the drug and has received approval from USFDA in June 2008. "PrandiMet had been approved to lower the blood glucose in adult patients with type 2 diabetes whose hyperglycemia cannot be controlled satisfactorily by meglitinide and/or metformin," Novo said in its release published in 2008. Analysts feel this could be a limited competition drug. Actavis and Sandoz are few of the other generic filers for Prandin.
Cement major ACC is expected to degrow in the quarter ended June. Profit is likely to fall 11 percent year-on-year to Rs 217 crore and total income may drop 2 percent to Rs 3.012 crore, according to a CNBC-TV18 poll. The company follows January-December as its financial year. Analysts expect cement volumes to decline in April-June quarter (following weakness in past two consecutive quarters) due to poor sales seen in Southern and Northern markets.
After a stellar rally yesterday, the market has opened with marginal gains on Friday. The Sensex is up 74.17 points at 28520.29 and the Nifty is up 12.75 points at 8620.80. About 627 shares have advanced, 137 shares declined, and 79 shares are unchanged. Sun Pharma, Hindalco, Hero MotoCorp, L&T and Wipro are top gainers in the Sensex. Among the losers are Axis Bank, Coal India, Tata Motors, GAIL and Maruti. The rupee has opened flat at 63.51 per dollar on Friday against 63.51 Thursday. Himanshu Arora of Religare said, "The USD-INR pair is expected to trade slightly higher today amid latest comments from Fed Chair, Janet Yellen, that they plan to hike rates this year on back of strengthening US economy." The dollar index rallied to a seven-week high. An easing in jobless claims reinforced market expectations of a 2015 US interest rate hike. Asian markets are holding steady with a mild positive bias this morning.Nikkei has bounced up to its highest level since late June as the yen hovered near its weakest level in more than three weeks. The Nikkei has reversed last week’s 4 percent cut with a 4 percent gain this week. Kospi index touched a two-week high in early trade but has come off more than half a percent from the day’s top. Posco is under pressure on news that it is scrapping plans for a USD 12 billion project it had agreed to set up in India more a decade ago. Taiwan has been an underperformer this week down 3 percent. Singapore markets shut today US stocks closed near highs, with the Nasdaq at a record, as investors focused on earnings beats amid progress towards near-term resolution in the Greek debt crisis. The Nasdaq composite rallied more than 1 percent to set a new closing record of 5163. European stocks closed higher after the European Central Bank (ECB) extended its emergency funding for the country's banks. Mario Draghi confirmed an increase in emergency funding to Greece by 900 million euro over one week. He added the ECB would "grant in principle a 3-year ESM stability support to Greece, subject to the completion of relevant national procedures. The dollar index rallied to a seven-week high. An easing in jobless claims reinforced market expectations of a 2015 US interest rate hike. Brent crude prices are steady around USD 57 per barrel after data showed a fall in crude inventories and strong demand from refineries in the US. Gold falls to an eight-month low after the dollar index rises to a seven-week high.
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Alliance Research — Sensex, Nifty, Midcap strong; Axis Bank, Tech Mahindra lead

The broader markets, too, gained strength. The BSE Midcap and Smallcap indices rose 0.9 percent and 0.6 percent, respectively. About 1387 shares have advanced, 991 shares declined, and 148 shares are unchanged on the Bombay Stock Exchange.

The market continued to see buying interest in noon trade. The Sensex gained 134 points at 28332.29 and the Nifty advanced 43.60 points to 8567.40, supported by banking & financials, auto and pharma stocks. The broader markets, too, gained strength. The BSE Midcap and Smallcap indices rose 0.9 percent and 0.6 percent, respectively. About 1387 shares have advanced, 991 shares declined, and 148 shares are unchanged on the Bombay Stock Exchange. Tech Mahindra and BPCL rallied more than 2 percent. HDFC, Kotak Mahindra Bank, HDFC Bank, Reliance Industries and Sun Pharma gained 0.8-1.8 percent. However, M&M, Vedanta, Hindalco, Wipro, Hero Motocorp, NMDC and Bank of Baroda declined 0.6-1 percent. Axis Bank surged 2.8 percent and Yes Bank gained 1 percent. The cabinet today is expected to clear a proposal to do away with the distinction between different types of foreign investments through a composite cap on all kinds of FDI investments The rally in bank stocks may be on hopes of some relief for distressed steel companies. Sources told CNBC-TV18 that banking secretary has asked steel ministry to consider an effective anti-dumping duty and levy of appropriate duties. Pipavav Defence surged 6 percent after Anil Ambani said the company will invest an additional Rs 5,000 crore over next few years towards indigenisation and that it will develop “combat management systems” for future naval vessels. Globally, Asian markets remained steady as Greek parliament voted in favour of a new bailout plan. European markets, too, are expected to open higher. Dollar index rose above the 97 mark on expectations of a rate hike in US as early as September.

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Alliance Research - Sensex, Nifty hold gains; HDFC twins, Reliance up 1%

Axis Bank, HDFC twins, Reliance and Tata Steel are top gainers in the Sensex. Among the losers are Vedanta, M&M, Hindalco, Wipro and Hero MotoCorp.

   

  The market is still holding up early gains. The Sensex is up 150.04 points or 0.5 percent at 28348.33, and the Nifty up 44.40 points or 0.5 percent at 8568.20. About 1366 shares have advanced, 824 shares declined, and 134 shares are unchanged. Axis Bank, HDFC twins, Reliance and Tata Steel are top gainers in the Sensex. Among the losers are Vedanta, M&M, Hindalco, Wipro and Hero MotoCorp. The Asian Development Bank (ADB) has cut its 2015 and 2016 growth forecasts for China and the rest of Asia, largely as a result of the slower than expected growth in the region's largest economy and in developed economies elsewhere. Developing Asia is now expected to grow 6.1 percent and 6.2 percent this year and in 2016 against the ADB's March forecast of 6.3 percent for both years, the bank said in its 2015 outlook supplement released on Thursday. Oil prices rebounded in Asia after a sharp decline the day before, as traders try to get a handle on the full implications of Iran's landmark nuclear deal with major powers. Brent crude for August advanced 45 cents to USD 57.50.

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Sensex, Nifty continue to rise; Tata Steel, Bharti drag-- 15 July 2015

Oil prices rose in Asia on easing concerns about the impact of the expected flood of Iranian supplies on the global market following the country's historic nuclear deal.

The market continues to rally with the Nifty holds 8500. The 50-share is up 59.45 points or 0.7 percent at 8513.55. The Sensex is up 216.55 points or 0.8 percent at 28149.45. About 1524 shares have advanced, 1138 shares declined, and 176 shares are unchanged. Maruti Suzuki, Wipro, TCS, HDFC and Tata Motors are top gainers in the Sensex. Among losers are Tata Steel, GAIL and Bharti Airtel. Oil prices rose in Asia on easing concerns about the impact of the expected flood of Iranian supplies on the global market following the country's historic nuclear deal. Iran's compliance with the terms of the agreement will lead to a lifting of crippling western economic sanctions which have restricted its key oil exports. But prices eventually settled higher yesterday as investors were confident it would take time for Iran to start exporting more crude to a market already awash with supplies.
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Nifty extends rally, Sensex up 1%; HDFC, Wipro, TCS lead-- 15 July 2015

Shares of HDFC, Infosys, Reliance Industries, TCS, L&T, Wipro, Tata Motors, ONGC, Bajaj Auto, Coal India and Hindalco Industries climbed 1-2 percent.

Oil prices rose in Asia today on easing concerns about the impact of the expected flood of Iranian supplies on the global market following the country's historic nuclear deal. US benchmark West Texas Intermediate for August delivery rose 26 cents to USD 53.29 and Brent crude for August climbed 10 cents to USD 58.61 a barrel. Oil prices initially tumbled yesterday after negotiators from Iran and major world powers announced they had reached a deal to monitor Tehran's nuclear programme, which the West says will curb its efforts to build a nuclear bomb. Iran's compliance with the terms of the agreement will lead to a lifting of crippling western economic sanctions which have restricted its key oil exports. But prices eventually settled higher yesterday as investors were confident it would take time for Iran to start exporting more crude to a market already awash with supplies.
The market extended its rally in noon trade with the Sensex rising 265.26 points or 0.95 percent to 28198.16 and the Nifty climbing 71.90 points or 0.85 percent to 8526, led by autos, IT and metal stocks. The broader markets performed largely in-line with benchmark indices, rising 0.4-0.8 percent. About 1631 shares have advanced, 849 shares declined, and 154 shares are unchanged on the BSE. Maruti Suzuki touched a new high of Rs 4,171, up 3 percent after Credit Suisse raised target price to Rs 5,100 on hopes of strong volume growth going ahead. Zee Entertainment gained 1 percent after profit beat estimates aided by higher topline & other income. Advertising revenue growth stood at 25 percent, a big surprise. Shares of HDFC, Infosys, Reliance Industries, TCS, L&T, Wipro, Tata Motors, ONGC, Bajaj Auto, Coal India and Hindalco Industries climbed 1-2 percent.
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Sensex up 200 pts; Tata Motors rebounds, Reliance leads-- 15 July 2015

Reliance Industries, TCS, ONGC, Tata Motors, Mahindra & Mahindra and Wipro climbed 1-1.8 percent.

The reason behind the fall and rise in oil prices yesterday, according to Miswin Mahesh of Barclays, is the fact that the Iranian nuclear agreement still needs to be approved within the Congress in the US. They have 60 days to do that. Despite US President Barack Obama firm statement that he will veto any opposition to it, it is still important. Secondly, even after the Congress approval in September, actual oil from Iran will hit the market only in the fourth quarter. There are also a few other roadblocks to go through in terms of Iranian oil hitting the market. The first tranche that would hit the market would be the 40 million barrels of oil Iran has on oil tankers, says Mahesh. This will hit the market first after the European insurance sanctions are removed on tanker shipments, he told CNBC-TV18. Iran has the fifth largest oil reserves in the world. Despite the fact that Iran will be opening its oil sector to foreign companies, oil contracts will play a key role here, he says. While foreign companies are extremely keen to go to Iran, a lot will depend on how attractive it will be for major oil companies around the world to go to there and start rejuvenating the oil fields, he adds.
The market gained strength after a day of consolidation, rising 0.8 percent led by broadbased buying. The Sensex climbed 217.44 points to 28150.34 and the Nifty rose 57.10 points to 8511.20. The BSE Midcap index advanced 0.5 percent and Smallcap jumped 0.8 percent. Nearly three shares advanced for every share falling on the Bombay Stock Exchange. Maruti Suzuki rallied more than 2 percent to touch a new high of Rs 4,138.45. Brokerage Credit Suisse has maintained outperform rating on the stock and raised target price to Rs Rs 5,100 from Rs 4,370 earlier (implying 26 percent potential upside), citing higher volume growth going ahead and likely addition in MSCI index. Reliance Industries, TCS, ONGC, Tata Motors, Mahindra & Mahindra and Wipro climbed 1-1.8 percent.
 

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Alliance Research - Rupee opens higher at 63.36 per dollar 15 July 2015

The range for the USD-INR pair is seen between 63-63.80/dollar, says Pramit Brahmbhatt of Veracity.

The Indian rupee opened marginally higher at 63.36 per dollar on Wednesday against 63.39 Tuesday.   Pramit Brahmbhatt of Veracity said, "Reduction in FIIs inflows coupled with profit booking in local equities may put pressure on the rupee to depreciate. However, the gains in Asian equities may support the rupee."   "The range for the USD-INR pair is seen between 63-63.80/dollar," he added.   Also Read -  RBI may lower rates in Aug 4 policy review: Moody's   Dollar eased as data shows a surprise drop in US retail sales in June denting optimism about US economic growth.  

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