Markets set to snap eight-day losing streak - Business Standard

Markets continue to trade higher in the noon trades on a broad based rally in the frontline stocks. Meanwhile, strength in the Asian peers with China stocks nearing a seven-year peak on hopes for more infrastructure spending and policy stimulus has boosted the sentiments.

By 1 PM, the 30-share Sensex is higher by 299 points at 27,758 and the Nifty has gained 81 points at 8,423.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 320.52 crore on Friday, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 674.76 crore on Friday, as per provisional data. 

RUPEE

In the currency front, the rupee fell by 17 paise to 62.58 against the US dollar in early trade today at the Interbank Foreign Exchange due to rise in the American currency's value against other global currencies amid month-end demand for the dollar from importers.

CRUDE OIL

U.S. crude futures fell below $48.50 a barrel in early trading on Monday, adding to steep losses in the previous session, as Iran and six world powers tried to reach a deal that could add oil to the market if sanctions against Tehran are lifted.

HOT STOCKS

On the sectoral front, BSE Capital Goods, FMCG, Healthcare, Power indices are trading higher up to 1%. However, BSE Oil & Gas is losing sheen on the BSE.

According to media reports, Bharti Airtel is likely to provide 4G services across the country as it bagged requisite spectrum in the concluded spectrum auction. The stock is the top Sensex gainer, up over 4%.

Housing Development Finance Corporation (HDFC) plans to sell 10 per cent stake via IPO in insurance joint venture HDFC Standard Life. The stock is up over 2.5%.

Country's largest lender State Bank of India has received all necessary approvals to buy residential properties of cash-starved national carrier, Air India, in south Mumbai for Rs 90 crore. The stock has risen 0.7%.

Defensive stocks are trading higher on the back of depreciating rupee. TCS, Infosys, Cipla, ITC, HUL, Sun Pharma, Dr Reddy's Lab are trading higher up to 2%.

Wipro has gained over 1% after the latest organizational restructuring. Chief financial officer Suresh Senapaty will retire on Tuesday. According to news reports, Wipro is going to elevate chairman Azim Premji's elder son, Rishad, chief strategy officer at present, into the board. 

NTPC, the state-run company has issued bonus debentures worth over Rs 10,000 crore to its existing shareholders, including Rs 7,726 crore to the central government, for funding its expansion plans. The stock is up over 1%.

The Delhi high court on Friday directed Coal India to act as custodian for the coal field for which Jindal Power made the winning bid and whose allocation was cancelled by the government earlier this month. The stock has rallied 2.5%.

Five global and three local investment bankers have agreed to underwrite more than half the Tata Motors Rs 7,500-crore rights offer, the largest that India has seen. The stock lost more than 0.5%.

Energy majors RIL, GAIL are trading lower up to 1% on decline in crude oil prices.

The broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 1.4-2.5%.

Liberty Shoes, Bodal Chemicals, Ricoh India from the small cap space are trading higher up to 15%.

Shares of Magma Fincorp have rallied on the BSE on back of heavy volumes ahead of the board meeting today to consider a preferential issue plan.

Sharda Cropchem, KRBL, Sterlite Tech, HSIL from the midcap space are trading higher up to 10%. 

Markets breadth is positive on the BSE with 1,7176 advances and 674 declines.

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