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Last Updated : Jul 13, 2016 09:55 AM IST | Source: Moneycontrol.com

Nifty opens above 8500, Sensex firm; ONGC jumps 4%, pharma down

ONGC, Tata Steel, ICICI Bank, BHEL and Coal India are top gainers while Sun Pharma, Dr Reddy's, HUL, Maruti and L&T are down.


Moneycontrol Bureau

9:55 am Fund raising: 
Indiabulls Real Estate said that it has raised Rs 25 crore by issuing non-convertible debentures (NCDs).

Last month, the Mumbai-based company had announced that it proposed to raise up to Rs 200 crore through issue of NCDs on a private placement basis.
So far, the company has raised Rs 131 crore in three tranches.

In a filing to the BSE, Indiabulls Real Estate said that "the operations committee of the Board of Directors of the company has allotted NCDs aggregating Rs 25 crore". 
Earlier this year, the company had raised over Rs 400 crore through this route.

9:45 am Brexit may hit realty: Indian homebuilders having exposure to the London property market are going to be impacted in near term from Britain's decision to leave the European Union, global rating agency Fitch Ratings said.


"Demand for luxury residential and commercial properties (in London)- the segments some Indian homebuilders have invested in - may remain weak at least over the coming 6 to 12 months as buyers postpone purchases and banks trim loans amid increased economic uncertainty," it said in a report.  Indiabulls Real Estate (IBREL) and Lodha Developers have significant exposure to the luxury residential and commercial property segments in London, where they made sizeable investments in 2013 and 2014.


9:30 am FII view: India is one of the bright spots as it is relatively shielded from forces affecting other global markets says Willem H Buiter, Global Chief Economist at Citi.

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In an interview to CNBC-TV18 Buiter said that, assuming the succession of Reserve Bank Governor Rajan takes place in a way that doesn’t spook markets, India should continue to prosper.


There is an element of mistaken euphoria in many global assets classes, he says, adding, current equity valuations worldwide are not justified based on earnings growth seen ahead. "Markets are looking to denominator to equity valuations than looking at numerator of future earnings which are expected to become weaker in next 6-12 months," he says.


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The market has opened green. The Sensex is up 74.35 points or 0.3 percent at 27882.49, and the Nifty is up 1.95 points at 8523. About 547 shares have advanced, 251 shares declined, and 33 shares are unchanged.


ONGC, Tata Steel, ICICI Bank, BHEL and Coal India are top gainers while Sun Pharma, Dr Reddy's, HUL, Maruti and L&T are down.

The Indian rupee opened higher by 9 paise at 67.09 per dollar on Wednesday against previous close 67.18.

Bansi Madhvani of India Ratings said, "The rupee will consolidate its gains and continue its momentum, trading at 66.75-67.45/dollar." Weak yen is headed for its worst three-day slump since 2014. As investors await details of Prime Minister Shinzo Abe's fiscal stimulus plans, the pound strengthened.


Among global peers, Asian shares came within reach of testing their 2016 peak on Wednesday as prospects of solid US growth and accommodative economic policy in major countries whet investors risk appetite damaged by uncertainty from Brexit. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 percent in early trade to 426.62, just below its year-to-date high of 428.22. Japan's Nikkei gained 1.9 percent.


MSCI's broadest gauge of the world's stock markets has recovered all the losses after Britain's referendum to hit its highest level in over a month.


The benchmark US S&P 500 stock index set record closing and intraday highs for the second straight day on Tuesday and the Dow Jones industrial average reached record highs for the first time in over a year as optimism about the world economy and upbeat corporate results from Alcoa boosted risk appetite.


The benchmark S&P 500 ended at 2,152.14, topping Monday's record close of 2,137.16, while the Dow closed at 18,347.67 to top its previous record high touched in May 2015.


The S&P 500 hit a record intraday peak of 2,155.40, while the Dow hit an intraday record of 18,371.95. The tech-heavy Nasdaq Composite also gained, wiping out its losses for the year and notching its highest close since late December.



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First Published on Jul 13, 2016 09:15 am
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