The News International Team
9:55 am Market outlook: Arvind Sanger, managing partner at Geosphere Capital Management, feels the market have come a long way very quickly, and remains bullish on medium-to-long term. He says announcements post recent diplomatic visits and various investment commitments made by Japan and China are definite positives, but at the end of the day market lives on “not just big picture announcements but actual numbers”.
“The September quarter earnings are around the corner. And they are going to be moderately better than the June quarter but not hugely so. And therefore I think the markets need to digest how much they have moved,” Sanger said.
9:35 am Maruti’s voting issue: Maruti Suzuki India said voting by minority shareholders over its move to let parent Suzuki Motor Corp own and invest in Gujarat plant will likely happen in November instead of October as earlier envisaged.
“It is a long procedure and we have not been able to put all the things in place. So we won’t be able to do it in October. It is highly probable that the voting will be in November,” Maruti Suzuki India Chairman RC Bhargava said.
The company needs 3/4th of the minority shareholders, who hold 44 percent stake, to approve the proposal through a special resolution.
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After a massive rally, the market has opened on a flat note. The Sensex is up 35.80 points at 27148.01 and the Nifty is up 14.65 points at 8129.40. About 563 shares have advanced, 112 shares declined, and 27 shares are unchanged.
Tata Power, BHEL, ONGC, Tata Steel and Hero Moto are top gainers in the Sensex. Among the laggards are HDFC, Bharti Airtel, ITC, Infosys and NTPC. Suzlon is down 10 percent.
The Indian rupee opened marginally higher at 60.77 per dollar on Friday against yesterday’s close of 60.83 a dollar.
Pramit Brahmbhatt of Veracity said, “Reduction in FIIs inflows coupled with profit booking in local equities may pressurise the currency.However, gains in Asian equities and some exporters selling may limit further losses. Expect rupee to be ranged between 60.60-61.40/dollar.”
Global markets ended higher with the Dow and S&P 500 closing at record peaks in a Fed fueled rally. All eyes will be on the Alibaba issue that lists tonight on NYSE. Meanwhile, Asian markets opened in the green with Japan’s Nikkei at fresh 2014 high.
Voters in Scotland have made their choice on the independence of the country. The crucial result of the referendum will be known only after the counting gets over. Two out of 32 counties have voted no and bookmakers are predicting a win for the “No” campaign.
Brent crude prices slipped to USD 97 per barrel pressured by ample supply, concerns about demand growth and a stronger dollar. And precious metal gold traded below USD 1230 an ounce, at its lowest level in more than eight months as the dollar index jumped.