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Last Updated : May 05, 2016 11:06 AM IST | Source:

Nifty eyes 7750, Sensex rises over 100pts; Tata Motors, Lupin up

Tata Motors, Lupin, Sun Pharma, HDFC and Hindalco are gainers while Adani Ports, Axis Bank, TCS, Infosys and Wipro are losers in the Sensex.

Moneycontrol Bureau

10:55 am Gold check:
Gold futures were up by Rs 151 to Rs 30,376 per 10 grams as speculators created fresh bets amid positive cues from global markets.

Analysts attributed the rise in gold prices to a firming trend overseas where it snapped a three-day losing run as investors assessed the outlook for US interest rates before monthly payrolls data on Friday. Meanwhile, gold was trading 0.3 per cent higher at USD 1,283.31 an ounce in Singapore. Prices retreated in the past three days after briefly surpassing USD 1,300 earlier this week to reach the highest since January 2015.

10:45 am New norms:  Government has relaxed norms for utilisation of domestic coal that will help bring down the cost of power generation by 40 to 50 paise per unit and eventually lead to yearly savings of up to Rs 30,000 crore in the next 4-5 years.


"The Union Cabinet has given its approval for allowing flexibility in utilisation of domestic coal for reducing the cost of power generation," a press release said.

Later after the Cabinet meeting, Power Minister Piyush Goyal told reporters, "Our own estimate is that this could result in bringing down cost of power (generation) by 40 to 50 paise per unit. In the next four to five years, it could lead to savings of Rs 25,000 to Rs 30,000 crore per year."

10:30 am Market outlook: After a sharp rally in the March, market is finding it hard to cross the 8000 level.

The market is going through a consolidation phase in range of 7700-7900 level, says Krishna Kumar Karwa, Managing Director of Emkay Global Financial Services.

“Market is taking a breather to evaluate valuations during earnings season,” he says.

Earnings, so far, have been decent, he says adding that banking stocks, which are reeling under stressed asset situation, have shown resilence post earnings. The most important trigger for market now is monsoon.

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The market is still holding up its early gains supported by few index heavyweights. The Sensex is up 117.95 points or 0.5 percent at 25219.68, and the Nifty is up 22.50 points or 0.3 percent at 7729.05. About 940 shares have advanced, 670 shares declined, and 66 shares are unchanged.

Tata Motors, Lupin, Sun Pharma, HDFC and Hindalco are gainers while Adani Ports, Axis Bank, TCS, Infosys and Wipro are losers in the Sensex.

Gold firmed after three days of losses on weaker global equities, but held below a 15-month peak as the dollar rebounded against the yen after a recent slump.

US interest rates futures rose as the weaker-than-expected US private jobs growth in April caused traders to price in lower chances the Federal Reserve will raise interest rates at its June policy meeting.

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First Published on May 5, 2016 10:00 am
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