Nifty at 8400, Sensex up over 100 pts; pharma stocks rally -- 14 Aug 2015

Sun Pharma, Cipla, Lupin, Bharti Airtel, Bank of Baroda, Idea Cellular and Infosys are top gainers, while Tata Steel, Gail India, Axis Bank and Hindalco are the top losers on the indices.


                 

The market is edging up supported by pharma, auto and IT stocks. The Sensex is up 146.39 points or 0.5 percent at 27695.92, and the Nifty is up 46.30 points or 0.6 percent at 8402.15. About 1001 shares have advanced, 632 shares declined, and 82 shares are unchanged.Sun Pharma, Cipla, Vedanta and Bharti Airtel are up around 2 percent each. Axis Bank, GAIL, HUL, Dr Reddy's Labs and ITC are among laggards.The market has opened higher on the back of firm global cues. The Sensex was up 120 points at 27669.53, and the Nifty was up 35.30 points at 8391.15. About 762 shares have advanced, 351 shares declined, and 64 shares are unchanged. Sun Pharma, Cipla, Lupin, Bharti Airtel, Bank of Baroda, Idea Cellular and Infosys are top gainers, while Tata Steel, Gail India, Axis Bank and Hindalco are the top losers on the indices. The Indian rupee slipped further as it has opened lower by 15 paise at 65.25 per dollar versus 65.10 Thursday. Pramit Brahmbhatt of Veracity said, "The rupee is expected to remain under pressure following Yuan devaluation and daily fall. Selling pressure on equity market will fuel further weakness in rupee. During the day we expect the rupee to trade in a range of 64.80-65.40/dollar." The dollar gained back some ground after China's Central Bank said there was no basis for further depreciation of the yuan, refocusing attention on the likelihood of a Federal Reserve interest rate increase in September. Asian shares eked out marginal gains early morning, as investors digested the People's Bank of China's (PBOC) decision to set the midpoint rate for the yuan at 6.3975, slightly lower than the previous day's close of 6.3990. The move broke the central bank's devaluation pattern since Tuesday, and in line with the PBOC's announcement on Thursday that there was no basis for continued currency depreciation. A nearly flat finish on Wall Street overnight and a renewed decline in oil prices also kept a lid on risk appetite. Major US indices pared gains and finished mostly lower on Thursday, as a fall in energy counters offset a rebound in July retail sales and easing concerns over the continued depreciation of the Chinese yuan.

For More Detail Visit -- http://www.allianceresearch.in/
Or Call On -- 0761-4025251, 9993716323