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Monday, June 25, 2018

Sensex opens 52 points up

Sensex closed 133.22 points in previous session,rose further by 0.30% to trade at 17,385.07

Written by Agencies | Mumbai | Published: April 13, 2012 10:06:27 am

Extending gains for the second straight session,the BSE benchmark Sensex rose by over 52 points in early volatile trade today largely on expectation of a rate cut next week amid a firming trend in global markets.

The 30-share barometer,which gained 133.22 points in the previous session,rose further by 52.45 points,or 0.30 per cent,to trade at 17,385.07 after dipping to 17,192.55.

The wide-based NSE index Nifty also moved up by 21.10 points,or 0.40 per cent,to 5,297.95.

Brokers said continued buying by funds and retail investors on RBI rate cut hopes amid a firming trend in Asian markets,following overnight gains in the US markets,bolstered the trading sentiment.

They said,however,27.39 per cent rise in Infosys consolidated Q4 net profit,fell below market’s expectations.

Stocks of IT bellwether,Infosys plunged 9.31 per cent to Rs 2,494 on fresh spell of selling.

In the Asian region,the Hong Kong’s Hang Seng Index rose by 1.53 per cent,while the Japan’s Nikkei index was up by 1.40 per cent.

The US Dow Jones Industrial Average gained 1.41 per cent in yesterday’s trade. PRE-OPENIndian stocks to watch-April 13

GLOBAL STOCK MARKETS ROUNDUP

* Asian shares rose on Friday on better-than-expected demand for Italian sovereign debt,shrugging off a rocket launch by North Korea that South Korean officials said had failed.

Trading may later be dominated by China data showing the economy grew at a slower-than-expected 8.1 per cent in the first quarter,the slowest pace in nearly three years.

* US stocks scored a second day of solid gains on Thursday,led by materials and energy stocks,as investors set aside weak figures on the domestic labor market.

KEY EVENTS TO WATCH

* India’s Supreme Court to hear Indian government’s review plea in 2G telecoms case (0230 GMT)

* India’s Supreme Court hearing on whether to include the home minister in telecoms corruption trial (0330 GMT)

* India’s Foreign reserves announcement (1230 GMT)

INDIAN STOCKS TO WATCH

* Infosys Ltd,India’s second-largest software services exporter,reported a 27.4 per cent rise in quarterly net profit,meeting forecast,after customers ramped up orders to cut operational costs.

* India will raise the retail prices of subsidised fuels,including diesel,once parliament approves the finance bill for the current fiscal year early next month,a senior government source with knowledge of the matter said on Thursday.

* Facing united opposition from foreign investors to the proposed general anti-avoidance rules (GAAR),the finance ministry has decided to revisit the changes made in Budget 2012-13.

* India’s debt-laden national carrier Air India,will receive an equity infusion of 67.5 billion rupees ($1.3 billion) in the current fiscal year and will spin-off two of its units as part of a financial restructuring plan approved by the federal cabinet.

* Aluminum products maker Novelis Inc,which has cut its fiscal 2012 earnings estimate because of lower shipments and soft demand,will close its aluminum plant in Quebec.

* Oil trader Trafigura has made its first move into refining in Asia,investing up to $130 million for a 24 per cent stake in Nagarjuna Oil Corp Ltd’s planned refinery in southern India and replacing BP as NOCL’s crude supplier.

OTHER FACTORS TO WATCH

* Indian rupee seen up on capital inflow hopes

* Indian bond yields seen falling on rate cut hopes

* Singapore dlr up on MAS to lift appreciation slope

* Crude rises as China GDP talk lifts markets

* Foreign institutional investor flows

* For closing rates of Indian ADRs

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