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Sensex, Nifty rangebound; Tata Steel up 3%, Hero gains

13:00

TheNewsInternational Team

1:30 pm Buzzing:

Shares of InterGlobe Aviation jumped 3 percent intraday, extending its rally. The owner of low-budget airline company has been quite favoured by analysts and investors as it has given around 61 percent returns in about a month time of listing on November 10. It touched record high at Rs 1234 per share on December 16.

Now, Morgan Stanley has initiated coverage on IndiGo owner company with a equalweight rating. It expects IndiGo to post strong earnings growth in near-term stating that it is among the world’s best run airlines and crude oil prices at a seven-year low to give additional boost.

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The market is flat as the Sensex is up 18.97 points at 25513.34, and the Nifty is up 6.35 points at 7757.25. About 1651 shares have advanced, 843 shares declined, and 204 shares are unchanged.

Tata Steel, Hindalco, Hero MotoCorp, Sun Pharma and SBI are top gainers while ONGC, Lupin, Axis Bank, Maruti and ITC are major losers.

India is not immune to potential market jitters on account of interest rate hike by the US Fed, but favourable economic growth outlook makes it attractive for foreign investors, Fitch Ratings today said.

The country’s less dependence on exports and improved external balances make it better placed than many of its peers, it said. “India is not immune to potential general emerging market jitters related to the Fed lift-off, but it is better placed than many of its peers for a number of reasons,” said Thomas Rookmaaker, Director, Sovereign Ratings, Fitch Ratings.

The US Federal Reserve had last night hiked interest rates by 0.25 percent. This is the first hike in about a decade, signalling a recovery in the US economy. “India’s favourable economic growth outlook makes India relatively attractive for foreign investors,” he said.

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