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Sensex, Nifty erase early gains; JSPL tanks 13%


The News International Team

09:45am Market Update: The market erased early gains on selling in banking and financials stocks. The Sensex fell 2.84 points to 28258.24 and the Nifty declined 7.75 points to 8563.15.

About 693 shares have advanced, 988 shares declined, and 121 shares are unchanged.

09:35am FII View: Sunil Garg, JPMorgan says Nifty’s inability to hold on to new highs has been accompanied by weaker momentum across daily and weekly charts, risking deeper pullbacks, with 8200 an initial target.

“China has resumed outperformance vs India and we see this as an early stage trend – rotate from Nifty to Shanghai Composite,” he adds.

09:15am: Market Check

The market opened higher on Monday after falling sharply on last day of the previous week. The Sensex rose 86.95 points to 28348.03 and the Nifty climbed 24.60 points to 8595.50. About 513 shares have advanced, 186 shares declined, and 98 shares are unchanged on the BSE.

Jindal Steel tanked 13 percent as sources told CNBC-TV18 that government rejected company’s bids for coal blocks.
Sun Pharma and Ranbaxy Labs gained more than a percent as Federal Trade Commission approved final order related to Sun-Ranbaxy deal. FTC said Sun will divest Minocycline product assets to Torrent within 10 days on acquisition.

The Indian rupee opened with marginal gains at 62.40 per dollar today versus Friday’s closing value of 62.46 a dollar.

The dollar slips across the board pulled lower by expectations US interest rates will rise more slowly than previously expected.

Agam Gupta of Standard Chartered said, “Any upticks to 62.55/dollar should see dollar supply from exporters and other accounts.”

“Expect local government banks to have dollar buying interest on dips to 62.25/dollar. Since we are in the last few days of the financial year, we could continue to see the supply demand dynamics to be tilted in favour of dollar supply.”

On the global front, stocks in the US jumped about 1 percent to close near highs on Friday, continuing several days of alternating gains and losses as investors weighed a weaker dollar. The Dow Jones Industrial Average and S&P 500 broke three weeks of consecutive losses to post gains of more than 2 percent for the week.

From the currency space, the dollar slipped across the board pulled lower by expectations that US interest rates will rise more slowly than previously expected.

Crude prices from the commodity space decline as Saudi Arabia’s oil minister said that OPEC will not take sole responsibility for propping up the oil price.

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