Sensex, Nifty continue to climb; pharma stocks down, auto up

Pharma stocks are underperforming while auto stocks are gaining. Maruti, M&M, GAIL, HDFC and Tata Motors are gainers while Sun Pharma, Lupin, HUL, Cipla and NTPC are losers in the Sensex.
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Nov 29, 2016, 12.27 PM | Source: Moneycontrol.com

Sensex, Nifty continue to climb; pharma stocks down, auto up

Pharma stocks are underperforming while auto stocks are gaining. Maruti, M&M, GAIL, HDFC and Tata Motors are gainers while Sun Pharma, Lupin, HUL, Cipla and NTPC are losers in the Sensex.

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Sensex, Nifty continue to climb; pharma stocks down, auto up

Pharma stocks are underperforming while auto stocks are gaining. Maruti, M&M, GAIL, HDFC and Tata Motors are gainers while Sun Pharma, Lupin, HUL, Cipla and NTPC are losers in the Sensex.

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11:00
Moneycontrol Bureau

11:55 am FII view:
Speaking to CNBC-TV18 Gautam Chhaochharia, Head of India Research at UBS Securities, said that the longer term India story remains intact. Demonetisation doesn’t impair the economic trajectory in the long term. He said he is estimating a 3-6 month disruption which may have been priced in by many stocks already. It is difficult to assess the impact on GDP rate owing to cash ban. “It is difficult to take a linear view,” he said, adding that he believes the GDP for this fiscal year could be about 6 percent, but it will go up to 8 percent because of base effect. Nifty earnings growth in FY17 will be 5 percent, and 14 percent for FY18, he said.

11:45 am Poll:
India's economy probably picked up steam in the July-September quarter on strong demand, but Prime Minister Narendra Modi's surprise currency crackdown this month will likely dent growth in coming months, a Reuters poll found.
While developed economies have wallowed in lacklustre activity, Asia's third-largest economy has maintained a resilient pace of expansion in recent years, eclipsing China.

That trend likely continued in the last quarter, according to the median consensus of 35 economists polled over the past week.

They forecast India's nearly USD 2 trillion economy expanded 7.5 percent in July-September from the same period a year ago, accelerating from a 15-month low of 7.1 percent in the previous quarter.

11:30 am International markets: Italian Referendum in the upcoming weekend would not have an impact on global markets as Brexit or US elections had is the word coming from Ian Hui, Global Market Strategist, JP Morgan Asset Management, adding that it could have an impact on some of the European economies.
Talking on the FOMC meet mid-December, Hui says there is 100 percent probability of a rate hike by Fed.

Although a rising dollar has been negative for emerging markets, and has resulted in outflows, further outflows would depend on US policies by Trump government and how much stronger the US dollar will get.

Don't miss: Sleepwell mattress maker Sheela Foam IPO opens: Should you subscribe?

The market is still picking up pace as the Nifty eyes 8200. The 50-share is up 63 points or 0.8 percent at 8189.90 while the Sensex is up 184.62 points or 0.7 percent at 26534.79.

Pharma stocks are underperforming while auto stocks are gaining. Maruti, M&M, GAIL, HDFC and Tata Motors are gainers while Sun Pharma, Lupin, HUL, Cipla and NTPC are losers in the Sensex.

Gold edged lower on Tuesday as the US dollar steadied, with markets on edge ahead of a meeting this week that could see oil producers curb output.

The dollar index, which measures the greenback against a basket of currencies, was steady at 101.390. Gold prices have fallen over USD 140 an ounce from their post-US election peak on Nov. 9 after a surge in US Treasury yields had sent the dollar to its highest in nearly 14 years.

10:00
Equity benchmarks retained early gains with the Nifty holding 8150 level, supported by banking & financials, auto, infra, oil and metals stocks. However, healthcare stocks were under pressure.

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09:15
Tata Steel, Adani Ports, Coal India, Sun Pharma and BHEL are top gainers while Hero MotoCorp, Infosys, Lupin, NTPC and Asian Paints are losers in the Sensex.

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Sensex, Nifty continue to climb; pharma stocks down, auto up

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