Home / Business / Money / Sensex gains over 100 pts, Nifty below 7650; ONGC down

Sensex gains over 100 pts, Nifty below 7650; ONGC down


TheNewsInternational Team

9:55 am Market outlook:

Ben Luk, Global Market Strategist, JPMorgan Asset Management clearly believes that the US Federal Reserve will hike rates next week on back of strong payroll numbers and wage rates adding that it will be a mistake if Fed decides not to hike. Until the rate hikes next week, global markets are likely to remain quiet and consolidate, says Luk in an interview to CNBC-TV18. However, the focus, he says will be on how Fed plans its strategy to raise rates through 2016.

9:45 am Buzzing: Shares of Bharat Forge rebounded 3 percent intraday Thursday post announcement of supply agreement with Rolls-Royce for long term co-operation. The stock has been weak, falling 6 percent on Wednesday after the management lowered its revenue guidance for FY16.

The agreement envisages supply of critical and high integrity forged and machined components for a range of aero engines including the flagship trent engine.

“This award follows a period of collaboration over the last 18 months to define and secure the necessary level of stringent quality and process approvals. Both
companies consider this award to be a significant milestone to cement a strong and long-term relationship,” as per BSE release. 

9:30 am Reform: 
The Union Cabinet has approved the Real Estate (Regulation & Development) Bill, 2015. The Bill will now be taken up for consideration and passing by the Parliament. In a statement the government said the Bill will provide uniform regulatory environment to ensure speedy adjudication of disputes and orderly growth of the real estate sector. “It will boost domestic and foreign investment in the real estate sector and help achieve the objective of Government of India to provide ‘Housing for All’ by enhanced private participation.”

Don’t miss: RBI says intervening in currency futures markets

After weakness for six consecutive days, the market has rebounded on Thursday. The Sensex is up 106.93 points or 0.4 percent at 25142.98, and the Nifty is up 31.85 points or 0.4 percent at 7644.35. About 682 shares have advanced, 201 shares declined, and 36 shares are unchanged.

Hindalco, Vedanta, Sun Pharma, Reliance and Tata Steel are top gainers while ONGC, Lupin, Dr Reddy’s Labs and HDFC Bank are among losers in the Sensex.

The Indian rupee opened marginally lower at 66.88 per dollar on Thursday against previous close of 66.83.

Mohan Shenoi of Kotak Mahindra Bank said, “Currency markets have already priced in a US Fed rate hike on the 16th of this month. Less than expected monetary easing by ECB and year-end unwinding of positions has led to a risk-off scenario.”

“With Indian equities biased lower, USD-INR is expected to trade today in a range of 66.75-67,” he said.

The dollar fell as commodity currencies reverse steep losses and as the euro rises after investors shift back into the single currency.

Asian stocks slipped as weak oil prices continued to feed global growth worries, while the euro held solid gains after a policymaker poured cold water on market expectations of more easing by the European Central Bank.

US stocks closed lower on Wednesday in a choppy session as oil resumed its decline, fuelling investor worries about global economic growth and causing the S&P 500 index to track the move in the commodity.

Leave a Reply

Scroll To Top