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Monday, October 3, 2016

Equity Tips

Sensex, Nifty off day's high; subdued listing for HPL Electric

The market has opened higher for another day Tuesday. The Sensex is up 130.46 points or 0.5 percent at 28373.75 and the Nifty is up 32.50 points or 0.4 percent at 8770.60. About 408 shares have advanced, 69 shares declined, and 29 shares are unchanged.

Adani Ports, Hero MotoCorp, Tata Motors, Cipla and BHEL are top gainers while Bharti Airtel is loser in the Sensex.

The Indian rupee opened with marginal gains at 66.55 per dollar on Tuesday versus 66.59 Monday.

"The 2-day MPC meeting concludes today, with markets expecting Reserve Bank of India (RBI) to maintain a status quo. However, a surprise cut can pleasantly surprise the markets. The USD-INR pair after briefly approaching 67/dollar levels is back to 66.50/dollar."

"We expect the pair to trade in the 66.30-66.80/dollar range in the near term, with strong FII and FDI inflows to continue,"

Among global markets, Asian shares wobbled after fading hopes for a reduced Deutsche Bank fine and rising expectations of a US interest rate hike pressured Wall Street.

US shares slumped overnight, with shares of Deutsche Bank resuming their slide as hopes faded that Germany's largest lender would reach a swift deal with the US Department of Justice over a fine of up to USD 14 billion for mis-selling mortgage-backed securities.

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