Moneycontrol
Nov 30, 2016 01:04 PM IST | Source: Moneycontrol.com

Sensex, Nifty hold early gains; broader markets outperform

Equity benchmarks continued to hold morning gains while the broader markets outperformed for the third consecutive session. The rupee appreciated by 15 paise to trade at 68.50 against the US dollar from last close.


Moneycontrol Bureau

12:59 pm Market update
: The Sensex was up 60.25 points at 26454.26 and the Nifty gained 24.30 points at 8166.45 amid consolidation.

About 1562 shares advanced against 780 declining shares on the BSE.

12:38 pm Buzzing: Idea Cellular shares fell more than 2 percent after a media report indicated that Axiata, the major public shareholder other than promoter and promoter group, is likely to sell its entire stake.


"Axiata is looking to sell its 20 percent stake in Idea Cellular as the Malaysian company believes the Indian telecom provider's valuation will remain subdued for at least the next three years given the likelihood of a pricing onslaught stemming from the entry of Reliance Jio Infocomm," a media report said quoting three people familiar with the plan.

Disclosure: Reliance Jio is the subsidiary of Reliance Industries that owns Network 18 (which publishes Moneycontrol.com).

12:28 pm Solar tariff:
Solar tariff has fallen to an all-time low of Rs 3 per unit, which was quoted by Amplus Energy Solutions in an auction for rooftop solar power conducted by Solar Energy Corporation of India (SECI).


"In a move that will offer cheapest power from solar rooftop plants, Amplus Energy Solutions has won a bid to install 14.5 MW of solar rooftop plants across 10 states. The tariffs offered are at a record low of Rs 3/unit in three states and Rs 5.3-6.2/unit in other states in India. Tariffs are fixed for 25 years," Amplus Energy Solutions said in a statement.


According to statement Amplus won the bid under the 500 MW rooftop grid connected scheme in different states floated by SECI.


The Rs 3 per unit or USD 4 cents tariff is unprecedented in Indian rooftop solar sector that has drastically reduced pricing dynamics, it said.

12:13 pm FII View:
Demonetisation is a big reform in a country like India where things usually move slowly believes Hugh Young, Managing Director at Aberdeen Asset Management Asia 


Although the surprise move did lead to a lot of confusion, it shows a strong commitment to reforms. It is definitely an important signal and overseas investors have read it positively. However, one is keen to see more such reforms. Goods and Services Tax (GST) would be a long-term positive if implemented properly, says Young in an interview to CNBC-TV18.


He is not too worried about the price corrections seen in emerging markets, in fact sees them as an opportunity to buy and not a threat. However, he would keenly watch Donald Trump's policies to assess the impact on investments in the emerging markets.

While fundamentals of most EMs are strong as of now, global economy still remains weak.

Also read - Tough to gauge impact of unparalleled India cash ban: JPMorgan

12:00 pm Market Check


Equity benchmarks continued to hold morning gains while the broader markets outperformed for the third consecutive session. The rupee appreciated by 15 paise to trade at 68.50 against the US dollar from last close.


The 30-share BSE Sensex was up 99.91 points at 26493.92 and the 50-share NSE Nifty rose 36.35 points to 8178.50 while the BSE Midcap and Smallcap indices gained 0.6-1 percent on positive breadth.


More than two shares advanced for every share falling on the exchange.

Asia markets were mixed, with energy stocks under pressure following overnight declines in oil prices and as traders waited to see if the world's top oil producers would reach an agreement to cut production levels. Japan's Nikkei 225 closed flat at 18,308.48, while in South Korea, the Kospi gained 0.36 percent.

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