Sunday 26 July 2015

Nifty below 8500, Sensex falls over 150pts on P-Notes worry -- Alliance Research

ICICI Bank, Tata Motors, L&T, Tata Steel and GAIL are among major losers while Lupin, HUL, Cipla, NTPC and Dr Reddy's Labs are major gainers in the Sensex.


                                 
The market has opened on lower note as traders seem to be cautious of the Participatory Notes (P-Notes)issue. The Sensex is down 161.11 points or 0.6 percent at 27951.20 and the Nifty is down 49.45 points or 0.6 percent at 8472.10. About 469 shares have advanced, 442 shares declined, and 91 shares are unchanged. Concerned over flow of black money into stock market, the Supreme Court-appointed SIT has asked regulator Sebi to compulsorily identify real owners of foreign funds coming through the controversial P-Note route and also prosecute those using equities for tax evasion. P-Notes are typically Offshore Derivative Instruments issued abroad by Foreign Institutional Investors (FIIs) or their associates against the underlying Indian securities. ICICI Bank, Tata Motors, L&T, Tata Steel and GAIL are among major losers while Lupin, HUL, Cipla, NTPC and Dr Reddy's Labs are major gainers in the Sensex. The Indian rupee opened with marginal loss of 3 paise at 64.07 per dollar against previous close of 64.04. On Friday, rupee ended at lowest closing level since June 17. Agam Gupta of Standarad Chartered said," Expect the USD-INR to open around 64.10/dollar. Dollar buyers should emerge on dips towards 63.80-63.85/dollar. Exporters are seen to have decent selling interest in any run-up towards 64.20-64.25 levels." The dollar was subdued against the euro and yen after a drop in US market and bond yields dimmed its allure, with markets focused on whether the upcoming Federal Reserve policy meeting can lift the greenback. Meanwhile, global cues are negative as the Asian markets start the week on a weak note as the fall in commodity prices continues to sap risk appetite. China's Shanghai index slumped more than 2 percent from the get-go, as the country's industrial profits declined 0.3 percent year-on-year in June, according to data. Both US and European markets closed the past week in red. Precious metal is again losing its sheen with gold currently trading below USD  1100 dollars an ounce. Crude prices declined after Baker Hughes data showed an increase in US oil rigs. Brent crude too fell to USD 54 per barrel
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