Sunday 12 July 2015

Nifty nears 8400, Sensex firm; Vedanta falls, Sun Pharma up 13 July 2015

Sun Pharma, Lupin, Cipla, GAIL and Dr Reddy's Labs are top gainers. Among the losers are Vedanta, BHEL, HUL, Hero and HDFC Bank.

The market has sprung into positive territory in Monday opening. The Sensex is up 85.30 points at 27746.70, and the Nifty up 28.05 points at 8388.60. About 616 shares have advanced, 122 shares declined, and 72 shares are unchanged. Sun Pharma, Lupin, Cipla, GAIL and Dr Reddy's Labs are top gainers. Among the losers are Vedanta, BHEL, HUL, Hero and HDFC Bank. The Indian rupee opened marginally lower at 63.45 per dollar on Monday against 63.39 Friday.   Agam Gupta of Standard Chartered said, "The uncertainty from the Greece situation is still continuing as the weekend Eurozone meetings have not led to a conclusive resolution."   He further added, "Dips to 63.30-63.35/dollar will be used by local Government banks as a dollar buying opportunity, while uptick to 63.55-63.60/dollar will attract exporter hedging. We expect the USD-INR to trade between the range of 63.30-63.60/dollar for the day." However, there is still no deal on the Greek bailout as creditors asked for even more tough conditions than those rejected by Greek people in last Sunday’s referendum. Greece Parliament will now vote on Wednesday on whether to accept more pension overhauls and sales tax increase among other tough measures. There are renewed fears of Athens leaving the euro zone as Germany proposes "Greece should be offered swift negotiations on a time-out from the euro area.” Nikkei rebound after last week’s 4 percent loss. In Asia, Shanghai market will remain in the spotlight following last week's relief rally as Beijing continues to tighten controls. The stock market regulator has said it wants to ensure that real names and id numbers were used on trades. Reports over the weekend stated that some brokerages were suspected of manipulating futures prices and other "malicious" trading practices. Crude prices continue to slide as Iran and six world powers are close to nailing down a nuclear deal. Gold pares gains as Yellen signals a 2015 rate hike.

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