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Sensex, Nifty open higher ahead of RBI policy; HDFC leads

The market gained further in early trade ahead of RBI policy. The Sensex rose 81.51 points to 28585.97 and the Nifty advanced 16.70 points to 8676.60. About 594 shares have advanced, 135 shares declined, and 88 shares are unchanged on the BSE.

09:15

The News International Team

09:45pm Market Expert: Nilesh Shah, Managing Director, Kotak Mahindra Asset Management is bullish on corporate earnings growth for FY17, and sees a 20 percent increase as the full impact of the recovery in the economy and the the uptick in capex cycle kicks in.

He expects fourth quarter earnings (FY15) to be as disappointing as the preceding quarter’s performance. He sees trouble for even defensive sectors as FMCG companies will be hit by the demand slowdown in rural areas and IT companies’ margins will be impacted by cross currency volatility because of the strength in the dollar.

09:15am Market Check

The market gained further in early trade ahead of RBI policy. The Sensex rose 81.51 points to 28585.97 and the Nifty advanced 16.70 points to 8676.60. About 594 shares have advanced, 135 shares declined, and 88 shares are unchanged on the BSE.

Sun Pharma, Reliance Industries, HDFC, Tata Power, ONGC, Cipla, Cairn India, NMDC and Tech Mahindra gained 0.6-1 percent while BHEL, Dr Reddy’s Labs, HDFC Bank, BPCL, Power Grid Corp, GAIL and Idea Cellular declined.

The Indian rupee opened marginally lower at 62.22 per dollar on Tuesday versus 62.18 Monday.

Ashutosh Raina of HDFC Bank said, “Reserve Bank of India (RBI) is widely expected to keep policy rates on hold in its credit policy today. A small cut though cannot be ruled out.”

He further added, “The rupee continues to trade in 61-62/dollar range, with strong intervention capping any gains. This trend is expected to continue.”

The dollar firmed in trade having recovered almost all of its losses as the euro came under renewed pressure.

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