Nifty opens above 7450, Sensex gains; Tata Motors, Sun Pharma up

Moneycontrol Bureau9:45 am FII view: Jonathan Garner, Morgan Stanley says he considers self-help policy easing from major emerging markets including China, as relatively unlikely, given current and capital account constraints at present.

According to him, a clear signal from the Fed on no further rate hikes near term is the most likely positive catalyst for a near-term bounce but would not be sufficient to deliver a new bull market. He, therefore, remains underweight on emerging markets and Asia Pac Ex-Japan in a global equities context.

9:30 am Buzzing: Shares of Apollo Hospitals Enterprises gained 1.6 percent intraday after it announced sale of its stake in Apollo Munich Health Insurance Company.

Apollo Energy Company, an Apollo Hospitals Group Company, has approved divestment of 23.3 percent stake in Apollo Munich Health Insurance Company to its joint venture partner, Munich Re of Germany for Rs 163.5 crore.

The proposed transaction values Apollo Munich at Rs 703 crore.

"Post the proposed transaction, Apollo Hospitals Group’s shareholding in Apollo Munich shall reduced from 74.4 percent to 51.1 percent and correspondingly, Munich Re’s shareholding in Apollo Munich shall move to 48.7 percent and 0.2 percent will be held by employees, as per BSE filing.

Don't miss: China, market turmoil may steer Fed off its courseThe market has opened higher on Wednesday as the Sensex is up 109.45 points or 0.4 percent at 24595.40. The Nifty is up 38.25 points or 0.5 percent at 7474.40. About 504 shares have advanced, 124 shares declined, and 29 shares are unchanged.

Tata Motors, Sun Pharma, Axis Bank, Maruti and Bajaj Auto are top gainers in the Sensex. Among losers are GAIL and TCS.

The Indian rupee opened marginally lower by 7 paise at 67.90 per dollar versus 67.83 Monday.

Pramit Brahmbhatt of Veracity said, "We have a positive stance on the rupee for the day as it will take cues from the positive domestic as well as global equity market."

"We expect the rupee to maintain support at 68/dollar levels and resistance at 67.60/dollar for the day," he added. The dollar steady with the market waiting for a interest rate decision from the Federal Reserve.