Sensex, Nifty flat; IT, FMCG drag

India Infoline News Service | Mumbai | November 23, 2015 09:23 IST

Some buying activity is seen in banking, auto, pharma, capital goods and consumer durables sectors, while FMCG, IT, teck and metal sectors are showing weakness on BSE. The BSE Mid-cap Index is trading up 0.35% at 10,869, whereas BSE Small-cap Index is trading up 0.49% at 11,423.

Stock,Market
At 9:23 AM, the S&P BSE Sensex is trading at 25,873 up  mere four points, while NSE Nifty is trading at 7,868 up 11 points.

The BSE Mid-cap Index is trading up 0.35% at 10,869, whereas BSE Small-cap Index is trading up 0.49% at 11,423.

Some buying activity is seen in banking, auto, pharma, capital goods and consumer durables sectors, while FMCG, IT, teck and metal sectors are showing weakness on BSE.

Bajaj -Auto,Hero Moto Corp, Bharti Airtel, Dr.Reddy's, BHEL and Axis Bank among the gainers, whereas Vedanta, Hindalco, Infosys, GAIL and Cipla are losing sheen on BSE.

The Indian rupee opened higher by 3 paise at 66.15/$ in early trade on Monday. Indian rupee is expected to remain under pressure, as US dollar is witnessing persistent strength against the basket of currencies, with the dollar index advancing above 100 levels. Fed rate hike in December seems to be a done deal. Federal forward rates curve now suggest 74% probability of 25 basis points move on the rates. In addition, Fed official William Dudley’s hawkish statement implies that there is more room for the rates to rise. In this respect, Mr. Dudley expects the economy to eventually attain 2% inflation target. Markets will be quite interested in the language which the central bank endorses during the December meeting. However, we remain skeptical regarding the probability of attaining 2% inflation, considering depressed commodity prices and fragile global economic backdrop.

Air India has reportedly raised Rs. 7,000 crore through a sale and lease back agreement with a Singapore-based lessor for its 21 Dreamliner aircraft.

SpiceJet, announced that it has yet again achieved the highest passenger load factor (PLF) of 92.1% for the month of October 2015, according to data published by the Director General of Civil Aviation (DGCA).

The competition in the Indian telecom sector would intensify, mainly from the entry of Reliance Jio, which would cause fall in tariff and an industry shake up, according to Fitch Ratings.

The comprehensive roadmap for phasing out corporate tax exemptions announced by the government is aimed at simplifying and streamlining exemptions and bring down tax rates, minister of state for finance, Jayant Sinha said at an ASSOCHAM event held in New Delhi.

The Government may provide a 10-year extension to Cairn India for its Rajasthan oil exploration contract if the Vedanta group company agrees to increase the Centre’s royalty.

Nestle India has so far sold 3.3 crore packs of its Maggi instant noodles in 350 towns across the country since the relaunch last week. The company says that it is selling Maggi at 1.2 lakh outlets through 724 distributors.

The Department of Industrial Policy & Promotion (DIPP) on Friday conditionally approved 12 industrial licences for eight subsidiaries of Reliance Defence.

Aurobindo Pharma Ltd has announced that it has received US FDA nod for Sildenafil Tablets.

Bombay High Court has approved the scheme of demerger of the consumer products business unit of the Crompton Greaves Limited (CG) into CG's wholly owned subsidiary Crompton Greaves Consumer Electricals Limited (CGCEL).

The Supreme Court upheld a Gujarat high court decision which had rejected a government notification imposing customs duty on electrical power transferred from a special economic zone (SEZ) to the domestic tariff area (DTA).
 
 

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