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Metals gain, pharma stocks drag; Sensex, Nifty rangebound


The News International Team

2:30 pm Macro growth: India would have the fastest economic expansion among Asian countries and its gross domestic product is expected to grow by 6.3 percent in 2015, according to Morgan Stanley forecasts of global economies. The Indian rupee’s exchange rate to USD would be at Rs 62.2 by end of next year compared to Rs 62 in the current quarter (Q4 this year), according to a presentation made at the Morgan Stanley’s Annual Asia Pacific Summit held here from November 12-14 said.

It is seen at Rs 62.5 in the first two quarters of next year and Rs 62.3 in the third quarter of next year. Comparative to other Asian GDP growths, India would have the fastest economic expansion, it said.

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The market seems to be in sluggish mode as it refuses to move ahead. The Sensex is up 41.43 points at 27982.07 and the Nifty is up 12.30 points at 8370.15. About 1570 shares have advanced, 1347 shares declined, and 102 shares are unchanged.

Metals are up while healthcare stocks are dragging. Hindalco, Coal India, GAIL, SBI and Tata Steel are top gainers while Sun Pharma, Cipla, BHEL, DR Reddy’s and HDFC are among the laggards.

The August WPI inflation was revised higher to 3.85 percent from 3.74 percent earlier, the data said. Inflation in the fuel and power segment which include LPG, petrol and diesel declined to 0.43 percent as compared to price rise of 1.33 percent in September.

The Reserve Bank which maintained status quo in interest rate since January, will come out with the monetary policy review on December 2. The RBI factors in retail inflation while formulating its monetary policy. The decline in both retail and WPI inflation for October, coupled with improvement in industrial output for September, will put pressure on the RBI to lower interest rates to boost growth.

Japanese stocks gained on Friday to close near a seven-year intraday high amid choppy trade ahead of Monday’s third quarter GDP figures. The Nikkei advanced 0.6 percent to 17,490.83, its fourth consecutive day of gains. For the week, the average has added 3.6 percent and since the Bank of Japan’s shock easing on Oct 31 it has soared 11.7 percent. The broader Topix advanced 0.8 percent to 1,400.41, while the JPX-Nikkei Index 400 added 0.8 percent to 12,790.16.


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