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Monday, 29 September 2014

Nifty hovers around 7950 ahead of RBI policy; SBI falls

9:55 am Buzzing: Shares of Housing Development and Infrastructure (HDIL) jumped 5 percent intraday after its promoters have revoked all shares pledged with IL&FS Trust Company. 

"Promoters of HDIL have revoked all shares earlier pledged with IL&FS Trust Company and now the entire 100 per cent shares in the promoters category is non-pledged," it said. 

IL&FS Trust has released over 7.54 crore equity shares of promoters, including those of Rakesh Kumar Wadhawan. The released shares in the latest tranche comprise 51.89 percent of the total shares pledged by promoter group. 

9:45 am Will Hong Kong unrest spook market? Unrest in Hong Kong is spooking markets for fear it could escalate, challenging Beijing to make a measured political response, at a time when Chinese and global growth are at the heart of market anxiety. Worries about soft Chinese growth and European weakness has made investors uneasy, while the US Federal Reserve signals it is moving away from easy policy and getting closer to returning to a more normal interest rate environment as the US economy gets stronger.

 A wave of weekend protests in Hong Kong extended into Monday with thousands defying a government call to end street blockades, after police used tear gas, pepper spray and batons to break up a sit-in by students and other residents seeking democratic elections in the former British colony.

 9:35 am FII view: Mahesh Nandurkar, CLSA says after the setback to the BJP in the recent state assembly bypolls, the focus is back on politics and the two important state government elections (Maharashtra and Haryana) soon. 

“A potential loss for BJP will be a sentiment negative for the market but it will not impact Modi's policy making and the growth improvement trajectory remains intact. Any potential dip after elections will be a buying opportunity,” he adds.

The market has once again opened on a flat note ahead of RBI's monetary policy. The Sensex is down 6.91 points at 26590.20 and the Nifty down 10.10 points at 7948.80. About 364 shares have advanced, 198 shares declined, and 24 shares are unchanged.

 Dr Reddy's Labs, Tata Power, M&M, Tata Motors and Wipro are top gainers in the Sensex. Among the losers are Hindalco, Hero MotoCorp, BHEL, Reliance and SBI. 

The Indian rupee opened marginally lower at 61.60 per dollar as against previous day's closing of 61.53 a dollar. The dollar was hovering at a four-year peak against a basket of major currencies on track to post its biggest monthly gain in well over a year. 

Ashutosh Raina of HDFC Bank said, "The focus will be on RBI credit policy today. Globally, the dollar strength continues to be the theme with dollar index settling above the 85 level. Expect the USD/INR pair to trade in 60-61 range as of now, although it will perform better than its peers."

 On the global market front, US stocks ended lower following protests in Hong Kong that added to worries about Chinese growth and after a disappointing forecast from Ford Motor Co. 

Asian markets too were cautious over developments in Hong Kong and as investors focused on data in China and Japan. Kospi weighed down by data showing August industrial output posted its worst monthly fall since 2008. 

In commodities, crude hovers around USD 97/bbl on support from strong US economic data last week 

From precious metals space-- gold holds steady above a nine-month low but poised to post its sharpest monthly loss in 15 months as a rapid climb in the dollar dimmed the metal's appeal. More information please visit this site

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