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Last Updated : Aug 06, 2015 10:14 AM IST | Source: Moneycontrol.com

Sensex, Nifty open flat; Tata Steel falls, Infosys gains

Infosys, Dr Reddy's Labs, TCS, Lupin, Sun Pharma, BPCL and HCL Tech gained 0.7-1.6 percent while Tata Steel fell 2 percent on profit booking. ITC, M&M, GAIL, HUL, Bank of Baroda, PNB and Asian Paints lost 0.5-1.6 percent.


Moneycontrol Bureau

9:50 am Buzzing:
Shares of MTNL jumped 6 percent intraday as government is firming up plans for its survival. The Cabinet also approved an extension of financial support Rs 458.04 crore to MTNL on surrender of 800 MHz CDMA carriers in few of their circles. MTNL had surrendered spectrum in Delhi and Mumbai (two carriers of 1.25 MHz each).

9:30 am FM views
: Citing slowdown in China, Finance Minister Arun Jaitley today said India has a chance to become a global manufacturing hub but regretted that Congress was not allowing GST rollout which alone could push GDP by 1 to 2 per cent.

The minister said in Lok Sabha that India can see 8 per cent growth as the government is taking a host of steps to boost investment besides reviving stalled projects and pumping in more funds into PSU banks. In addition, "rain Gods have been kinder this year which is expected result in a good harvest," he said.


Jaitley, who was replying to a debate on Supplementary Demand for Grants amid a boycott by Congress and a number of other opposition parties, said the government will infuse Rs 70,000 crore in PSU banks in the four years and they will raise another Rs 1.10 lakh crore from the market, making them healthier to finance economic growth.


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The market has opened flat with a positive bias. The Sensex gained 23.31 points at 28246.39 and the Nifty rose 5.75 points to 8573.70. About 690 shares have advanced, 271 shares declined, and 65 shares are unchanged on the BSE.

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Infosys, Dr Reddy's Labs, TCS, Lupin, Sun Pharma, BPCL and HCL Tech gained 0.7-1.6 percent while Tata Steel fell 2 percent on profit booking. ITC, M&M, GAIL, HUL, Bank of Baroda, PNB and Asian Paints lost 0.5-1.6 percent.


The Indian rupee opened flat at 63.77 per dollar today against previous close of 63.75.

Mohan Shenoi of Kotak Mahindra Bank said, "Dollar continues to rally versus commodity currencies and other major currencies on the back of strong US data and expectations of September Fed rate hike."

"Rupee has been trading in a tight range as custodial flows are offsetting the impact of strengthening dollar trend globally. Dollar-rupee is expected to trade today in a range of 63.70 to 64/dollar," he added.

The dollar traded little changed as data shows the US services sector expanded at its fastest pace in 10 years, supporting the view the Federal Reserve would raise interest rates in September.

Meanwhile, global cues were positive with the US stocks closing off session highs as a renewed decline in oil and disappointment on Disney earnings pressured stocks.


Asian stocks rose in early trade, tracking modest gains in the US. Japan's Nikkei traded over a two-week high, as the Bank of Japan kicked off its monthly two-day policy meeting. In commodities, Brent crude slips below 50 dollars per barrel.


Crude prices were at fresh 5-month lows after a surge in US gasoline stockpiles while precious metal gold remained under pressure on expectations of a September US rate hike.



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First Published on Aug 6, 2015 09:15 am
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