9:55 am Market check: The Sensex is up 179.27 points or 0.7 percent at 26039.44 and the Nifty is up 67.10 points or 0.8 percent at 8032.60. About 1396 shares have advanced, 348 shares declined, and 83 shares are unchanged.
Tata Steel and Infosys are up 3 percent while GAIL, TCS and Asian Paints are gainers while Tata Motors, NTPC, Cipla, Reliance and L&T are losers in the Sensex.
9:45 am New IPO: Jagran Prakashan, the publisher of leading Hindi daily Dainik Jagran, today said its subsidiary Music Broadcast Ltd will raise up to Rs 400 crore through initial public offer.
The board of MBL, which operates the popular Radio City FM stations, in a meeting held today approved the IPO of the company.
“We wish to inform you that the board of directors of Music Broadcast Ltd (MBL) at their meeting dated November 24, 2016 has approved an initial public offer,” the company informed BSE.
“The IPO would comprise of fresh issue aggregating upto Rs 4,000 million (400 crore) and offer for sale by existing shareholders,” it added.
9:30 am FII view: Laurence Balanco of CLSA says tactically, he is looking for a minor pullback to relieve the momentum extremes seen in leading markets (US and Japanese equities, US dollar, US 10-year yield, copper).
While these extremes warn of a short-term reversal, the fact that momentum has confirmed the highs suggests that such a pullback should be short-lived and followed by further gains into Q1 2017, he adds.
He says the Achilles heel to this equity market advance would be a US 10-year yield breaking above 3.05 percent, which is the resistance zone provided by the upper boundary of the 35-year downtrend channel.
It is also close to the level where the rolling 12-month correlation between the S&P 500 and the US 10-year yields switches from positive to negative, Balanco feels.
The market has opened firm as the Sensex is up 70.47 points or 0.3 percent at 25930.64. The Nifty is up 29.95 points or 0.4 percent at 7995.45. About 571 shares have advanced, 147 shares declined, and 32 shares are unchanged.
Bharti, TCS, Infosys, Axis Bank and GAIL are top gainers while HDFC twins, L&T, Cipla and ONGC are losers in the Sensex.
The Indian rupee opened flat at 68.72 per dollar on Friday versus previous close 68.73. The government rushed to allay fears after the rupee drops to an all-time low of 68.86 to the dollar before recovering on perceived RBI intervention.
The commerce minister said, rupee fluctuation has been factored in by exporters.
Bhaskar Panda of HDFC Bank said, “High volatility and unidirectional move is the order of the day in the USD-INR market. A surging dollar index, spectre of US interest rate hike have seen net FII outflow to the tune of USD 4 billion leading to almost 4 percent depreciation of the rupee.”
Among global markets, Asia is trading higher amid a lack of direction from US markets that were shut for the Thanksgiving holiday. Asian stocks steadied on Friday as the Thanksgiving break in the United States pegged the dollar’s relentless surge that had sucked capital out of most emerging markets.
MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.05 percent on Friday. It is poised to end the week 0.8 percent higher, but remains down almost 2 percent from its close on November 8 before Donald Trump’s surprise election to president, whose protectionist campaign promises are widely seen as negative for the region.
Meawhile, European finance ministers will continue Greece bailout talks. The Finance Ministers Of Germany, France, Italy, Spain and Netherlands plan to meet in Berlin today with officials from the international monetary fund to discuss Greece’s debt crisis, the euro zone is aiming for a new agreement on fiscal reform by December 5.
Give Missed Call at +91 830-630-830-8