The News International Team
09:47am Hitachi Home hits 52-week high
Hitachi Home & Life Solutions jumped 12 percent to Rs 1,087 as parent company Hitachi Appliances will divest stake in Hitachi Home. Hitachi Appliances has signed an agreement for global JV with Johnson Controls. Johnson will get 60 percent stake in parent’s international AC biz ex-Japan.
09:40am Sun TV in Focus
CBI has arrested Dayanidhi Maran’s former additional private secretary today. Former Union Telecom Minister Dayanidhi Maran said the arrest has no links with Sun TV Network.
The scrip of Sun TV Network fell 2.74 percent to Rs 400.75 on the Bombay Stock Exchange.
09:35am ECB Meet today
Thomas Harjes of Barclays says the brokerage expects the ECB’s Governing Council policy meeting today to end with an announcement to expand its asset purchase programme and include government bonds and possibly other Euro area financial assets.
“We expect a commitment, at least through mid-2016, to monthly total asset purchases until the ECB’s immediate target of balancesheet expansion of about (E)1 trillion has been met,” he adds.
09:15am Market Check
The market opened higher on Thursday following positive global cues. The 30-share BSE Sensex touched 29000 level for the first time, up 108.24 points at 28997.10 while the 50-share NSE Nifty hit 8750, up 19.50 points at 8749.
About 721 shares have advanced, 263 shares declined, and 198 shares are unchanged on the Bombay Stock Exchange.
Suzlon Energy gained 8 percent in opening trade as the turbine maker sold its German arm Senvion for euro 1 billion to to US-based PE Centerbridge Partners for debt reduction. However, the stock could not sustain the upside.
Sesa Sterlite topped the buying list, up nearly 3 percent after the company received approval for renewal of all mining leases in Goa. It expects to resume mining in near future after regulatory nods.
ITC, Infosys, ONGC, Sun Pharma, Bajaj Auto, Hero Motocorp, Cipla and Tata Steel gained 0.7-1.3 percent. However, ICICI Bank, Reliance Industries, Bharti Airtel and NTPC fell 0.4-1 percent on profit taking.
The Indian rupee opened with marginal gains of 4 paise at 61.60 per dollar today versus 61.64 Wednesday.
Mohan Shenoi of Kotak Mahindra Bank said, “Global markets are expecting European Central Bank (ECB) to announce sovereign bond buying QE programme in today’s meeting. This expectation is triggering a risk-on sentiment which should benefit emerging markets particularly India. USD-INR is expected to trade in a range of 61.40-61.75/dollar today.”
Global cues were positive with the US stocks gaining for the third straight day marking the longest win streak of 2015 as investors largely accepted the view that the European Central Bank (ECB) would implement a large-scale bond-purchasing program.
European markets too closed higher over news that the ECB is set to buy around 50 billion euros per month of government bonds for around a year.
Japan’s Nikkei was the lone market that is trading with a mild negative bias while the rest of Asia was well in the green on a positive global handover.
In other asset classes, the Canadian Dollar languished at its lowest in nearly six years early today, having suffered a massive drop after the bank of Canada stunned markets by cutting interest rates. The euro is firm around 1.15 ahead of the ECB action.
In commodities, Nymex Crude futures fell more than 1 percent , giving up almost half the gains from the previous session, this after OPEC defended its decision not to intervene to stop a collapse in oil prices since the middle of last year.
And precious metal gold slipped below USD 1300 an ounce hurt by profit-taking ahead of a key ECB meeting.