October 03, 2013 / 12:17 IST
Moneycontrol Bureau
Live Market Commentary
12:00 pm Buzzer: Shares of Ranbaxy rises 3 percent on the back of some brokerage news. Macquarie says Absorica's market share has reached 17.5 percent as per IMS data and hence it has raised their sales estimate for the drug. The brokerage firm adds that the current weakness is an excellent opportunity to add. Macquarie has an outperform rating with a target of Rs 550.
11:45 am Market outlook: Sanjay Dutt of Quantum Securities sees the global uncertainty extending to Indian market as well, but adds that downsides are limited.
In
an interview to CNBC-TV18, Dutt said that the Nifty is unlikely to break 5,700. Like most market experts, he is also of the view that the debt ceiling issue is more important than the US shutdown.
Dutt likes the beaten down banking space as a contrarian bet and prefers to buy midcap PSU banks at current prices. He is not too bullish on FMCG giant HUL and is not looking to buy it at current price. Infact he feels one should not buy HUL even if went down another 5-7percent. Dutt is cautious on IT stocks.
11:30 am Stock in news: Shares of Jet Airways gained around 8.5 percent in morning trade on Thursday, in addition to a rally of about over 6 percent in the last three trading sessions.
The Cabinet Committee on Economic Affairs (CCEA) is likely to take up the Jet-Etihad deal later today. Earlier, market regulator Securities and Exchange Board of India (Sebi) approved the Jet Airways' proposed sale of 24 percent stake to Abu Dhabi-based Etihad Airways.
Sebi has also added that after the revised structure, the Jet-Etihad deal should not trigger a mandatory open offer for purchase of shares from public shareholders and Etihad would not be considered a promoter entity in Jet.
Don't miss: US may not shut down for long; buy market on dips, says Aberdeen Active buying is seen to be pulling the market higher with the Sensex rising 270.48 points or 1.39 percent at 19787.63 while the Nifty is at 5872.62 up 91.30 points.
About 1173 shares have advanced, 487 shares declined, and 92 shares are unchanged.
Nifty futures premium widened post freak trade that took place at 5996 level. There was a volume of about 8 lakh shares at the same level.
TCS, Sesa Goa, Tata Steel, Wipro and Bajaj Auto are top gainers in the Sensex. Laggards of the day include HUL, ITC and Bharti Airtel.
Meanwhile, Asian markets are trading in the green. Investors are watching for progress on ending of the budget impasse in the US.
Back home, the rupee opens higher on account of the dollar weakness. The Korean won, Malyasian ringgit, Thai baht and Phillipine peso are all up against the greenback.
Meanwhile, bonds are softer today. Sentiment improves ahead of the RBI's bond purchase auction on Monday.
