Nifty eyes 8600, Sensex climbs over 200 pts; Tata Steel, HDFC up

ICICI Bank, Adani Ports, Axis Bank, Tata Motors and Tata Steel are top gainers in the Sensex.
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Oct 18, 2016, 10.04 AM | Source: Moneycontrol.com

Nifty eyes 8600, Sensex climbs over 200 pts; Tata Steel, HDFC up

ICICI Bank, Adani Ports, Axis Bank, Tata Motors and Tata Steel are top gainers in the Sensex.

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Nifty eyes 8600, Sensex climbs over 200 pts; Tata Steel, HDFC up

ICICI Bank, Adani Ports, Axis Bank, Tata Motors and Tata Steel are top gainers in the Sensex.

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09:15
Moneycontrol Bureau

9:40 am Market check:
The market is still surging with the Sensex up 207.49 points or 0.7  percent at 27737.46. The Nifty is up 61.95 points or 0.7 percent at 8582.35. About 1397 shares have advanced, 335 shares declined, and 85 shares are unchanged. 

Tata Steel, Adani Ports, HDFC, ICICI Bank and BHEL are top gainers in the Sensex. Asian Paints, Bharti and Hero are losers in the Sensex.

9:30 am FII view: Nupur Gupta of Goldman Sachs thinks divergence between equity earnings and economic growth should not necessarily be taken as evidence against a pick-up in growth, but rather as a function of measurement and composition differences.

"Looking forward, our strategists expect corporate earnings growth to recover in FY17 and outpace its regional peers," he says.

That said, he thinks that the under-representation of agriculture and elevated credit costs for public sector banks may continue to cause earnings growth to trail real economic growth in the near term.

To benefit from potential swings in underlying economic growth, his strategy team recommends buying consumption and government capex beneficiaries, Gupta says.

Don't miss: Buy, sell, hold: 5 portfolio booster stocks for investors

The market has opened in positive territory with support from banks. The Sensex is up 189.61 points or 0.7 percent at 27719.58 and the Nifty is up 51.40 points or 0.6 percent at 8571.80. About 729 shares have advanced, 134 shares declined, and 33 shares are unchanged.

ICICI Bank, Adani Ports, Axis Bank, Tata Motors and Tata Steel are top gainers in the Sensex.

The Indian rupee gained in the early trade. It has opened higher by 10 paise at 66.79 per dollar versus previous close 66.89.

Ashutosh Raina of HDFC Bank said, "The USD retreated from the recent highs it hit against most of its peers, with some hawkish comments form Fed speakers increasing the probability of a December rate hike.

"The USD-INR pair continues to trade in the 66.50-67/dollar range with some depreciating bias, as some FII outflows continue to pressurise the pair," he added.

The US dollar retreated from seven-month highs as some investors took profits from the recent dollar rally and on speculation that the Federal Reserve will maintain a go-slow pace of raising interest rates even if the central bank tightens policy later this year.

 The crucial three-day meeting of the all-powerful GST council is slated to begin today. Issues like the GST rate and state compensation formula will be in focus.

Among global peers, Asian stocks edged higher and the dollar consolidated recent gains though risk appetite was low as weak US markets prompted investors to stay on the sidelines.

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.2 percent in early trade. Australia's benchmark index was up 0.3 percent.

Wall Street ended lower as lower oil prices weighed on energy shares. The Dow Jones industrial average fell 0.29 percent, to 18,086.4, the S&P 500 slipped 0.3 percent to 2,126.5 and the Nasdaq Composite dropped 0.27 percent, to 5,199.82.

Crude oil prices dropped, weighed by oversupply concerns, with US crude dropping below 50 dollars a barrell as trade volumes spiked ahead of the October 20 expiry date for american futures contracts. The Iranian Vice President's comments that his country needs to regain its market share added to bearish sentiments but expectations of an upcoming opec production cut limited losses.

Gold price rose, partly lifted by steady flows into exchange-traded funds and a dip in the dollar after touching seven-month highs.

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Nifty eyes 8600, Sensex climbs over 200 pts; Tata Steel, HDFC up

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