Home / Business / Money / Nifty ends at 7701, Sensex up 170 pts; HUL, Reliance gain

Nifty ends at 7701, Sensex up 170 pts; HUL, Reliance gain


TheNewsInternational Team

3:30 pm Market closing:

The market ended higher ahead of Fed meet. The Sensex is up 170.09 points or 0.7 percent at 25320.44, and the Nifty up 50.85 points or 0.7 percent at 7700.90. About 1577 shares have advanced, 1071 shares declined, and 199 shares are unchanged. 

HUL, Lupin, Reliance, ONGC and Tata Motors were top gainers while ICICI Bank, Wipro, NTPC, GAIL and Coal India were major losers in the Sensex.

3:15 pm Cheap airfare?
In what would be a setback for Delhi International Airport Ltd (DIAL), a unit of GMR Infra , the Airport Economic Regulatory Authority (AERA) has proposed a 96.08 percent cut in airport charges for the Indira Gandhi International (IGI) Airport, something that is typically passed on to passengers. Mint reports that the order comes even as the Delhi airport’s operator had proposed to hike airport charges by 42.6 percent for the period between April 1, 2014 and March 31, 2019) and even as DIAL had legally challenged AERA’s previous order that had proposed a 78.4 percent reduction in airport charges for the abovementioned period. Airport charges, levied to finance capital expenditure and pay for maintenance, are set for five-year durations called a control period.

3:05 pm Market check:
The Sensex is up 187.96 points or 0.7 percent at 25338.31, and the Nifty up 52.85 points or 0.7 percent at 7702.90.
About 1545 shares have advanced, 1028 shares declined, and 204 shares are unchanged. 

3:00 pm Market Update: Equity benchmarks extended upmove in last hour trade. The Sensex rose 161.56 points or 0.64 percent to 25311.91 and the Nifty went up 42.10 points or 0.55 percent to 7692.15.

About 1542 shares have advanced, 1029 shares declined, and 195 shares are unchanged on the BSE.

2:50 pm SEBI on primary market: Attributing better performance of recent IPOs to easier norms, Sebi Chairman U K Sinha today said retail investors may not invest again if they lose money in the primary market.

“If retail investors feel they are continuously losing money in the primary market by subscribing to IPOs, they may not invest again,” Sebi Chairman U K Sinha told an investment bankers’ summit. Notably, the IPO market has seen a boom this year after a near-drought situation in the past five years.

Companies like, InterGlobe, CCD, Alkem and Dr LalPath Labs, among others got tremendous response to their issues this year. While most of the new issues of the past many years have been trading below the issue price, 56 percent of the IPOs this year are trading above the issue price.

2:35 pm Can oil prices rebound?: Even with a global glut in oil supplies set to last well into 2017, indications are emerging that a recovery in prices could get underway sooner rather than later.

Oil prices have fallen by two-thirds since mid-2014 to trade near 11-year lows below USD 40 a barrel and most analysts don’t expect them to regain the USD 100 mark until 2017 or later, arguing that producers will continue to pump out more crude than is demanded.

A growing number of traders are, nonetheless, positioning themselves for notably higher prices a year from now through the purchase of bullish call options.

Open interest in Brent crude call options tied to strike prices from USD 50 to USD 80 per barrel has climbed steeply in recent weeks, indicating growing confidence that prices will stage a strong recovery from current levels.

Factors supporting a more positive outlook range from higher car sales to heightened security and political risks in some oil producers and debt-laden shale firms on their last legs.

2:20 pm Rupee expert: Indranil Sengupta, India Chief Economist, Bank of America-Merrill Lynch, says the rupee could appreciate to 65 levels versus the dollar by March 2016.

“Inflows into India had dried up because of the Bihar elections, the impending Fed rate hike and a delay in earnings turnaround,” he told CNBC-TV18.

“With Fed out of the way and earnings expected to turn around, as well as thanks to an increase in the FPI G-sec investment limit from January 1, the rupee can appreciate.”

Sengupta said he believes the US dollar is overvalued by 15-20 percent versus the euro, and that its fair value is somewhere around 120-130 versus the common currency.

Also read – OMCs can cut petrol by Rs 1.70 and diesel by Rs 2.50/ltr

2:00 pm Market Check

The market gained some strength amid consolidation in afternoon trade. The Sensex rose 110.84 points to 25261.19 and the Nifty went up 27.60 points to 7677.65 while the BSE Midcap and Smallcap indices rose 0.3-0.5 percent.

European markets were strong ahead of FOMC meeting that will begin tonight for two days. France’s CAC and Germany’s DAX rallied 1.8 percent followed by Britain’s FTSE rose 1.3 percent.

Tata Motors rebounded after morning losses, up nearly 2 percent. Reliance Industries, HUL, Lupin, ONGC and Axis Bank gained 1-2 percent while ICICI Bank and Wipro declined 1 percent.


Check Also

Rupee recovers 6 paise to 67.01

The rupee today recovered some lost ground by rising 6 paise to ...

Notes ban to have positive impact on economy

NEW DELHI: The government’s demonetisation move has led to widespread adoption of ...