Moneycontrol Be a Pro
Get App
Last Updated : Sep 08, 2015 12:38 PM IST | Source:

Nifty hits 7600, Sensex up over 150 pts; metal, infra lead

GAIL, ICICI Bank, Tata Steel, NTPC and Axis Bank are top gainers while HUL, Cipla, lupin, Sun Pharma and Bharti Airtel are major losers in the Sensex.

Moneycontrol Bureau

12:45 pm Interview:
Petronet LNG's 7.5-million-tonne long-term contract with Qatar's RasGas for import of gas is a cause of distress to many under the current depressed global prices. As prices of natural gas prices have halved in line with fall in crude prices, end-users are in the receiving end. Under the take-or-pay commitment, these end-users are under pressure to lift re-gasified LNG at over USD12/MMBTU at the Dahej terminal.

Speaking to CNBC-TV18, RK Garg, Acting MD & CEO of Petronas LNG said there has been a shortfall in offtake due to unprecedented fall in prices. Long-term prices have fallen by 30 percent in Q1 and Garg says the company is trying to make up the "drop" by buying spot volume from the "attractive" spot market.

12:30 pm MF call: BP Singh of Pramerica Mutual Fund in an interview to CNBC-TV18 said it is not yet time to deploy cash and buy. Wait for the sell off to taper and then start buying. Selling and redemptions could continue for a fortnight more. So do not rush to buy now but wait for bounce backs, said Singh. Today is not a time to buy, he added. Although there have been redemptions seen by funds globally since investors have been booking profits, Singh said their fund on the contrary has seen inflows. In fact they have told investors that the house would deploy aggressively once the market stops selling.

Don't miss: Info Edge gains 2%, BoML ups target as Zomato raises fund


Supported by buying interest in banks, capital goods, metals, IT and auto, the market is rallying ahead. The Sensex is up 180.87 points or 0.7 percent at 25074.68 and the Nifty is up 61.10 points or 0.8 percent at 7619.90. About 786 shares have advanced, 1519 shares declined, and 96 shares are unchanged.

GAIL, ICICI Bank, Tata Steel, NTPC and Axis Bank are top gainers while HUL, Cipla, lupin, Sun Pharma and Bharti Airtel are major losers in the Sensex.

The anatomy of the fall in the stock market is macro-driven and hence all are going down together, says Nandita Parker of Karma Capital. It is, therefore, a good time to buy, she says.

According to her, once the US Federal Reserve meeting is out of the way, a lot of the uncertainty in the market will abate. She also says that India is a big beneficiary of everything that has gone wrong with China and the fall in energy prices.

Post the Fed meet, as more clarity emerges on the global scenario, the Reserve Bank governor Raghuram Rajan will also have the liberty to lower rates.

The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .
First Published on Sep 8, 2015 12:00 pm
Follow us on
Available On
PCI DSS Compliant