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Nifty at record high, Sensex up 100 pts; Maruti top gainer

09:15

The News International Team

09:59am Asian Paints in focus

Asian Paints says Berger International (BIL), Singapore, a subsidiary of Asian Paints (International) (APIL), Mauritius (wholly owned subsidiary), has on August 22, 2014 filed an application for investment approval with the regulatory authorities at Jakarta, Indonesia for setting up a paint manufacturing facility as part of a greenfield foray into Indonesia.

This greenfield venture is subject to necessary statutory and other approvals, it adds.

09:45am Market Expert

According to Navin Agarwal, CEO, Institutional Equities, Motilal Oswal Securities, India is one of the best performing markets in the world currently and the foreign investors continue to repose their faith in the Indian equities.

Rajat Rajgarhia, MD – Institutional Equities, Motilal Oswal Securities expects a 15 percent growth in the Sensex earnings in FY15 and 20 percent in FY16. He sees strong earnings upgrades happening and a lot of flows from India directed funds going ahead.

The key theme of the conference is likely to be the next move by the Reserve Bank of India and the government. The broking house believes the management by the RBI in the last nine months inspired a lot of confidence in the India economy and hence, the market.

09:15am Equity benchmarks opened higher despite mixed global cues. The 30-share BSE Sensex rose 129.62 points to 26549.17 and the 50-share NSE Nifty touched a record high of 7942, up 26.65 points at 7939.85.

About 1013 shares have advanced, 318 shares declined, and 40 shares are unchanged.
 
Hindalco Industries, Tata Motors, Maruti Suzuki, BHEL, Sun Pharma and ONGC topped the buying list.

However, Infosys, Mahindra and Mahindra, Cipla, HDFC Bank, GAIL and United Spirits fell 0.1-0.8 percent.

The Indian rupee opened marginally lower at 60.55 per dollar on Monday as against Friday’s closing value of 60.47 a dollar.

Agam Gupta of Standard Chartered expects rupee to trade in the range of 60.35-60.65/dollar. “Local banks will probably be on the bid between 60.35-60.40/dollar, while exporters and FIIs will sell dollars on any uptick above 60.60/dollar,” he says.

According to Emkay report, spot USDINR prices are expected to have crucial support at 60.40-60.42 and prices should bounce back from this level. “Prices on higher side can face resistance at 60.60. Prices should not fall close 60.30 to maintain overall positive trend. Only a close below 60.30 will negate the upside view,” it adds.

Globally, US Fed chairman Janet Yellen marked a mild departure from her ultra dovish stance at Jackson Hole saying the economy is getting closer to the central bank’s  goals on full employment and stable inflation. Wall Street ended mixed while the dollar is back at 11-month high.

Asian markets were trading mixed on flattish US lead and over Ukraine woes. The Nikkei is higher as the yen breached the 104 level and is currently sitting at 6-month lows.

In other asset classes, the euro fell to its lowest in nearly a year against a broadly firmer dollar after comments from the head of the European Central Bank raised prospects of more policy easing.

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