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Last Updated : Dec 06, 2016 10:10 AM IST | Source: Moneycontrol.com

Nifty opens above 8150, Sensex up over 100 pts; HDFC, GAIL gain

Adani Ports, HDFC, GAIL, NTPC and Sun Pharma are gainers while HUL, ITC and Bharti are losers in the Sensex.


Moneycontrol Bureau

9:55 am IPO:
Initial public offering (IPO) of Laurus Labs has opened for subscription. With price band at Rs 426-428 per share, the Hyderabad-based firm is aiming to raise Rs 1331.79 crore. The issue offers over 2.41 crore shares under offer for sale route and fresh issue worth up to Rs 300 crore.


It has raised over Rs 395 crore by allotting shares to anchor investors, ahead of its initial public offer today. The anchor investors are Goldman Sachs India, Nomura Trust and Banking, SBI Mutual Fund, DSP BlackRock and ICICI Prudential Mutual Fund. More than 92 lakh shares have been allotted to anchor investors at Rs 428 a piece, the higher end of the price band of the estimated Rs 1332 crore IPO.


The leading player in developing generic Active Pharmaceutical Ingredients (APIs) aims to utilise the net proceeds from the fresh issue towards pre-payment of term loans and general corporate purposes.

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9:45 am FII view: Neelkanth Mishra of Credit Suisse said, "We would advise investors to be cautious now. In addition to the difficulties in distribution and the informal sector benefitting from formalisation, there is the risk of an economic slowdown. 72 percent of India's non-agri workforce is in the informal sector and the process of formalisation could take several quarters if not years."

"In the interim, firm-failures would disrupt the economic momentum and cause their own downstream impact on growth," he added.

9:30 am RBI policy meet: The six-member Monetary Policy Committee (MPC) will begin its deliberations today amid widespread expectations of at least 0.25 percent cut in policy rate to cushion the impact of demonetisation.

This would be the second meeting of the MPC headed by RBI Governor Urjit Patel after the first that happened in October, when it had cut the repo rate or short term lending rate by 0.25 percent to 6.25 percent.

RBI has reduced repo rate by 1.75 percent since January 2015. This will be the first monetary policy review after demonetisation of old Rs 500 and Rs 1,000 currency notes, following which banks witnessed surge in deposits. 

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The market has opened higher supported by strong global cues. The Sensex is up 101.38 points or 0.4 percent at 26450.48, and the Nifty up 36 points or 0.4 percent at 8164.75. About 578 shares have advanced, 150 shares declined, and 25 shares are unchanged.


Adani Ports, HDFC, GAIL, NTPC and Sun Pharma are gainers while HUL, ITC and Bharti are losers in the Sensex.


The Indian rupee gained in the early trade. It has opened higher by 7 paise at 68.14 per dollar versus previous close 68.21.


The euro had its best day against the dollar since early June yesterday as investors swiftly moved past the initial shock of a "no" vote in the Italian constitutional referendum. The dollar index holds around 100 mark.


Asian stocks opened higher on the back of a strong Wall Street with markets discounting the potential impact of Italy's referendum vote, while US Treasury yields firmed as robust economic data pointed to an interest rate hike next week.


MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4 percent in early trade with Antiopodean markets leading gains. Korea climbed 1 percent in opening trades.


Wall Street rose, with the Dow Jones industrials setting fresh record highs following services sector data that showed further strength in the domestic economy.
US services sector activity hit a one-year high in November, with a surge in production boosting hiring, following on the heels of Friday's employment report that showed strong job gains last month.


Crude prices declined as the market lost confidence that OPEC cuts would be sufficient to reduce oversupply given increased US drilling. Gold prices were flat at around USD 1170 an ounce.



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First Published on Dec 6, 2016 09:15 am
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