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Sensex gains 100 pts, Nifty eyes 7950; ICICI, ONGC lead

09:15

The News International Team

09:59am Jindal Saw in News

Shares of Jindal Saw rallied 2 percent on signing agreement to restructure transhipment business of one of the subsidiary.

The flagship company of OP Jindal group said the memorandum of understanding has entered into between the company and SULA Shipping and Logistics Private Limited in relation to restructuring of transhipment business of Jindal ITF, a wholly owned subsidiary.

The definitive agreement(s) will be entered between the parties in due course, it added.

09:40am FII View

Jyotivardhan Jaipuria, Bank of America Merrill Lynch says FIIs continued to invest in India in the June quarter. The strong inflow from the FIIs over the last five years has resulted in the all-time high FII ownership of the Indian market, he adds.

“India overweight is at an all-time high for GEM funds and in our view, the consensus bullishness creates the biggest risk to the market. The good news, however, is that domestic mutual funds have seen positive flows and have been buyers post-elections after being net sellers past few months,” says Jaipuria.

09:15am After two-day of consolidation, equity benchmarks opened higher with the Sensex rising 112.87 points to 26555.68 and the Nifty eyeing 7950 leve, up 29.30 points at 7934.05.

About 732 shares have advanced, 187 shares declined, and 22 shares are unchanged.

ICICI Bank, State Bank of India, ONGC, Tata Motors, Bharti Airtel, Dr Reddy’s Labs and BHEL gained 1-1.5 percent whereas TCS, Infosys, HUL, GAIL and Wipro fell 0.2-0.6 percent.

The Indian rupee opened lower at 60.48 per dollar, down 5 paise compared to previous day’s closing value of 60.43 a dollar.

The dollar hovered just under a 13-month peak against a basket of major currencies early with the euro still struggling amid expectations of further policy easing from the European Central Bank.

Himanshu Arora, Currency Analyst at Religare said, “USD-INR pair is expected to trade higher today. Mass de-allocation of coal blocks could probably push imports higher leading to widening of the trade deficit given the impact on domestic production.”

“Rupee may also weaken ahead of the GDP data for the April-June quarter expected on Friday. Expect USD-INR to trade in the range of 60.22-60.75/dollar,” he added.

On the global front, Asia was trading with a positive on the back of positive US markets. The Dow Jones hit an all-time record high with the S&P 500 reclaiming the 2,000 mark to close above it for the first time ever over better-than-expected economic data comprising  a surge in orders for durable goods.

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