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Sensex, Nifty flat; Hero, Sun Pharma, ICICI Bank gain

09:15

The News International Team

09:47am Market Check

Equity benchmarks are directionless after positive start. The Sensex declined 17.86 points to 28676.13 and the Nifty fell 1.70 points to 8586.55.

About 978 shares have advanced, 678 shares declined, and 45 shares are unchanged.

09:45am Sun Pharma, Ranbaxy in focus

Sun Pharmaceutical Industries said Foreign Investment Promotion Board (FIPB) has approved the proposal of the company for issuing equity shares of the company to the non-resident investors of Ranbaxy Laboratories pursuant to the merger of Ranbaxy Laboratories into Sun Pharmaceutical Industries through the scheme of arrangement between Ranbaxy Laboratories Limited and Sun Pharmaceutical Industries Limited.

09:30am FII View

Ridham Desai, Morgan Stanley says the brokerage house expects the bull market to continue in 2015. “Indian equities are benefiting from the start of a new growth cycle, a benign global environment resulting in a positive shift in terms of trade and reforms, which can lift India’s potential growth rate,” he adds.

“Our December 2015 Sensex target is 32,500. From a portfolio perspective we back cyclical stocks and sectors that could benefit from policy changes. We prefer avoiding high beta stocks. We are overweight energy, consumer discretionary, financials, technology. We are underweight consumer staples, healthcare, industrials, materials and utilities,” says Desai.

09:15am Market Check

The market started the week on a positive note on Monday. The Sensex climbed 93.78 points to 28787.77 while the Nifty reclaimed 8600, up 25.95 points at 8614.20.

About 728 shares have advanced, 274 shares declined, and 43 shares are unchanged on the Bombay Stock Exchange.
 
Sun Pharma, SBI, Hero Motocorp, NTPC, Infosys, Asian Paints, BPCL and HCL Technologies topped the buying list in early trade, up 1-3.6 percent. However BHEL, Coal India, Reliance Industries, HUL, ONGC, Cairn India and DLF lost 0.5-2 percent.

The Indian rupee slipped by 21 paise in the early trade on Monday. It has opened at 62.23 per dollar versus 62.02 on Friday.

Agam Gupta of Standard Chartered said,” The dollar strength against other currencies is leading a similar move with the rupee too. The demand from the local government banks is persistent and is expected to continue.”

He further added, “Foreign inflows are expected to continue and exporters are likely to sell on upticks to Rs 62.50/dollar. We expect to see a range of Rs 62.10-62.50/dollar for the day.”

Meanwhile, Asian markets are mixed this morning, as Japan’s benchmark index rose to a seven-year peak while Yen marked a new seven-year low. China’s official PMI fell to 50.3 in November, missing estimates for a 50.6 figure and slowing from October’s reading of 50.8.

In the US, Wall Street finished lacklustre on Friday amid a slide in oil prices. The Dow Jones and the Nasdaq ended flat and the S&P 500 was down a quarter of a percent. The Dow and S&P 500 posted a second straight month of gains. Meanwhile the US ten year bond yield dipped sharply to 2.17 percent.

In commodities, Nymex crude was down 10.2 percent hitting its lowest settlement since September 2009, currently trading at USD 64. Meanwhile, Brent is trading below USD 70 per barrel.

From precious metals space, gold slid 2 percent and silver slumped more than 6 percent to its lowest since 2009 after Swiss voters overwhelmingly rejected proposals on Sunday to boost gold reserves.

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