Equity
benchmarks opened higher despite mixed global cues. The 30-share BSE
Sensex rose 129.62 points to 26549.17 and the 50-share NSE Nifty touched
a record high of 7942, up 26.65 points at 7939.85. About 1013 shares
have advanced, 318 shares declined, and 40 shares are unchanged.
Hindalco Industries, Tata Motors, Maruti Suzuki, BHEL, Sun Pharma and
ONGC topped the buying list. However, Infosys, Mahindra and Mahindra,
Cipla, HDFC Bank, GAIL and United Spirits fell 0.1-0.8 percent. The
Indian rupee opened marginally lower at 60.55 per dollar on Monday as
against Friday’s closing value of 60.47 a dollar. Agam Gupta of Standard
Chartered expects rupee to trade in the range of 60.35-60.65/dollar.
“Local banks will probably be on the bid between 60.35-60.40/dollar,
while exporters and FIIs will sell dollars on any uptick above
60.60/dollar,” he says. According to Emkay report, spot USDINR prices
are expected to have crucial support at 60.40-60.42 and prices should
bounce back from this level. “Prices on higher side can face resistance
at 60.60. Prices should not fall close 60.30 to maintain overall
positive trend. Only a close below 60.30 will negate the upside view,”
it adds. Globally, US Fed chairman Janet Yellen marked a mild departure
from her ultra dovish stance at Jackson Hole saying the economy is
getting closer to the central bank’s goals on full employment and stable
inflation. Wall Street ended mixed while the dollar is back at 11-month
high. Asian markets were trading mixed on flattish US lead and over
Ukraine woes. The Nikkei is higher as the yen breached the 104 level and
is currently sitting at 6-month lows. In other asset classes, the euro
fell to its lowest in nearly a year against a broadly firmer dollar
after comments from the head of the European Central Bank raised
prospects of more policy easing.
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