Metal stocks are reeling under pressure with losers like Tata Steel and Hindalco. SBI, ICICI Bank and Axis Bank are other laggards in the Sensex. Kotak Mahindra is up over 1 percent.
Shares of Bharat Forge slipped 5 percent intraday reeling under Greece uncertainty exiting the Euro Union. The auto company derives 25 percent of revenues from export to Europe and hence will be impacted by a weaker euro. Bank of America Merill Lynch has an underperform rating in the stock stating slower earnings growth and earnings downgrade are likely to hurt stock price. It expects 15 percent net profit growth in H1FY16, lower than 21.5 percent growth seen in FY16. Another concern that is negative for the stock is decline in orders. Preliminary order for heavy truck in North America declined 26 percent in June 2015. This is the fourth consecutive month of decline and is being driven by a combination of lack of build slot availability as well as slowing transportation sector data. 9:40 am Big bull: Samir Arora, Founder & Fund Manager, Helios Capital remains bullish on Indian market stating market corrections have given investors enough opportunities to buy. He reiterates that investors no longer worried about fund moving to China from India. Greece Developments won’t have major impact on global markets in short-term, he says in an interview to CNBC-TV18. He continues to maintain exposure to IT, private sector banks and consumption themes. 9:30 am Brent below USD 60/bbl: Jonathan Barratt, CEO & Chief Economist of Barrattsbulletin.Com, says the pressure on brent is on the back of not just a sentiment change in terms of what will happen with Greece going ahead, it is also because of fundamental factors such as nuclear deal with Iran, which has the potential to affect supply. He adds that the pressure on crude oil is likely to stay as the geopolitical factors will continue to persist for some time. 9:20 am Market update: Soon after a bumpy opening, the market recovers a bit. The Nifty reclaims 8400 but still struggling in red. The 50-share index is down 50.60 points or 0.6 percent at 8434.30. The Sensex is down 159.73 points or 0.6 percent at 27933.06. Cipla, Dr Reddy's Labs and M&M are top gainers while Vedanta, Tata Steel, Hindalco, SBI and ICICI Bank are still down around 2 percent. Don't miss: Equity, currency or crude: Which asset will Greek crisis attack first? As Greece voted for ‘no’ in the referendum last night, Indian market opened with some sharp losses. The Sensex is down 287.36 points or 1 percent at 27805.43 and the Nifty is down 98.75 points or 1 percent at 8386.15. About 170 shares have advanced, 532 shares declined, and 64 shares are unchanged. Metal stocks are reeling under pressure with losers like Tata Steel and Hindalco. SBI, ICICI Bank and Axis Bank are other laggards in the Sensex. Kotak Mahindra is up over 1 percent. The Indian rupee slipped in the early trade. It has opened lower by 18 paise at 63.62 per dollar against Friday's closing value of 63.44 a dollar. Agam Gupta of Standard Chartered said, "The Greece 'No' vote will keep the risk appetite low for some time and market players will look to cut down risk positions. The USD-INR is expected to trade in a range of 63.50-63.80/dollar today." Investors will be keenly watching monsoon and earnings season while 8200 is now a firm bottom for Nifty. With weak IT earnings already getting priced in and monsoon progress fading after strong start, it may be a difficult climb for the bulls though. Greeks voted decisively in favour of the "no" option- asking their government to turn down a proposal from its creditors that would have included more austerity reforms. The government will now try to bring its creditors back to the table, with renewed confidence that it has a mandate from its people to press for more concessions. The first area for concern is Greek banks, which are expected to remain closed until at least Tuesday, after a week where Greeks have been unable to withdraw more than 60 euros at a time. Among the other asset classes, the euro fell around 1 percent amid fears of a Grexit. Dollar index was around the 96-levels. Brent crude slipped to sub 60 dollars per barrel while Nymex crude was also over 3.5 percent lower Gold rose above 1170 dollars an ounce.
For More Detail Visit Site -- http://www.allianceresearch.in/
Shares of Bharat Forge slipped 5 percent intraday reeling under Greece uncertainty exiting the Euro Union. The auto company derives 25 percent of revenues from export to Europe and hence will be impacted by a weaker euro. Bank of America Merill Lynch has an underperform rating in the stock stating slower earnings growth and earnings downgrade are likely to hurt stock price. It expects 15 percent net profit growth in H1FY16, lower than 21.5 percent growth seen in FY16. Another concern that is negative for the stock is decline in orders. Preliminary order for heavy truck in North America declined 26 percent in June 2015. This is the fourth consecutive month of decline and is being driven by a combination of lack of build slot availability as well as slowing transportation sector data. 9:40 am Big bull: Samir Arora, Founder & Fund Manager, Helios Capital remains bullish on Indian market stating market corrections have given investors enough opportunities to buy. He reiterates that investors no longer worried about fund moving to China from India. Greece Developments won’t have major impact on global markets in short-term, he says in an interview to CNBC-TV18. He continues to maintain exposure to IT, private sector banks and consumption themes. 9:30 am Brent below USD 60/bbl: Jonathan Barratt, CEO & Chief Economist of Barrattsbulletin.Com, says the pressure on brent is on the back of not just a sentiment change in terms of what will happen with Greece going ahead, it is also because of fundamental factors such as nuclear deal with Iran, which has the potential to affect supply. He adds that the pressure on crude oil is likely to stay as the geopolitical factors will continue to persist for some time. 9:20 am Market update: Soon after a bumpy opening, the market recovers a bit. The Nifty reclaims 8400 but still struggling in red. The 50-share index is down 50.60 points or 0.6 percent at 8434.30. The Sensex is down 159.73 points or 0.6 percent at 27933.06. Cipla, Dr Reddy's Labs and M&M are top gainers while Vedanta, Tata Steel, Hindalco, SBI and ICICI Bank are still down around 2 percent. Don't miss: Equity, currency or crude: Which asset will Greek crisis attack first? As Greece voted for ‘no’ in the referendum last night, Indian market opened with some sharp losses. The Sensex is down 287.36 points or 1 percent at 27805.43 and the Nifty is down 98.75 points or 1 percent at 8386.15. About 170 shares have advanced, 532 shares declined, and 64 shares are unchanged. Metal stocks are reeling under pressure with losers like Tata Steel and Hindalco. SBI, ICICI Bank and Axis Bank are other laggards in the Sensex. Kotak Mahindra is up over 1 percent. The Indian rupee slipped in the early trade. It has opened lower by 18 paise at 63.62 per dollar against Friday's closing value of 63.44 a dollar. Agam Gupta of Standard Chartered said, "The Greece 'No' vote will keep the risk appetite low for some time and market players will look to cut down risk positions. The USD-INR is expected to trade in a range of 63.50-63.80/dollar today." Investors will be keenly watching monsoon and earnings season while 8200 is now a firm bottom for Nifty. With weak IT earnings already getting priced in and monsoon progress fading after strong start, it may be a difficult climb for the bulls though. Greeks voted decisively in favour of the "no" option- asking their government to turn down a proposal from its creditors that would have included more austerity reforms. The government will now try to bring its creditors back to the table, with renewed confidence that it has a mandate from its people to press for more concessions. The first area for concern is Greek banks, which are expected to remain closed until at least Tuesday, after a week where Greeks have been unable to withdraw more than 60 euros at a time. Among the other asset classes, the euro fell around 1 percent amid fears of a Grexit. Dollar index was around the 96-levels. Brent crude slipped to sub 60 dollars per barrel while Nymex crude was also over 3.5 percent lower Gold rose above 1170 dollars an ounce.
For More Detail Visit Site -- http://www.allianceresearch.in/
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