INSUBCONTINENT EXCLUSIVE:
A day after posting considerable losses, SP BSE Sensex opened 43 points higher on Wednesday at 35,329.60
At the same time, NSE's benchmark index Nifty50 edged up by 24 points to trade at 10,734 level in the opening trade today
At 9.44 am, Sensex trades at 35,354.75 points, 68 points, or 0.19 percent higher
Nifty, at the same time, trades at 10,734 points, 24 points, or 0.22 percent higher.The SP BSE Sensex stocks that posted maximum gains in
the early trade include Axis Bank (2 per cent), Vedanta (1.92 per cent) and Mahindra Mahindra (1.2 per cent)
The Sensex laggards include ITC (0.68 per cent), ONGC (0.7 per cent) and Wipro (0.88 per cent)
Among the Nifty 50 stocks, the major gainers in the morning trade are Cipla (2.5 per cent), Axis Bank (1.8 per cent) and Vedanta (0.8 per
The Nifty laggards are ONGC (0.76 per cent), IOC (0.95 per cent) and UPL (1.45 per cent).The stocks that are in the news today include Idea
Cellular, ICICI Bank and Cipla
Idea Cellular is awaiting the nod from department of telecommunications (DoT) for its merger with telecom behemoth Vodafone India
ICICI Bank stock is eyed because of the recent change in top leadership when lender's managing director (MD) and CEO Chanda Kochhar was sent
on leave pending enquiry in a conflict of interest allegation
Besides this, Rites IPO opens today for three days, and will close on June 22
The price band of RITES IPO has been fixed between Rs 180 to Rs 185
The IPO has been announced for a total of 2.52 crore shares.In the global markets, the ramifications of US-China trae war were visible
China's stocks slumped on Wednesday, extending a rout from the previous day as the prospect of a full-blown Sino-U.S
trade war put a dampener on the rest of Asian equities, even as they managed a modest bounce.MSCI's broadest index of Asia-Pacific shares
outside Japan, rose 0.4 percent, though that came after a 2.1 percent fall on Tuesday
Japan's Nikkei was up 0.1 percent after earlier falling into negative territory
South Korea's KOSPI rose 1 percent.In China, the Shanghai Composite Index dropped 0.6 percent in choppy trade, a day after falling 3.8
percent to a two-year low
Wednesday's fall came despite 30 listed firms announcing share purchase plans by major shareholders, and state media expressing confidence
in the country's stock markets.On Tuesday, Sensex had closed 262 points down, while Nifty ended the day at 10,710 points.The gauge had lost
335.40 points in the previous two sessions, tracking a sell-off across global markets after the US and China reignited their trade dispute
Domestic institutional investors (DIIs) bought shares worth a net Rs 653.686 crore while foreign portfolio investors (FPIs) sold equities to
the tune of Rs 1,324.92 crore yesterday, as per provisional data."The market is recognizing India macro's growing stability, as evidenced by
the 37 percent fall in the country's beta vs
EM since December 2014 to a 13-year low
The implications include the case for a positive surprise in equity returns for India (as expectations are now low, going by beta's level)
with likely outperformance for India vs
In addition, India's falling relative short rates, likely rising relative growth rates and a fall in FPI positioning to 2011 levels add to
the outperformance case, in our view," said Morgan Stanley in a research report..The same report indicates the yield curve to signify the
growth "The bond market is probably indicating that growth is back
The yield curve is at post-2010 highs and correlates positively with stocks."(With Reuters and PTI inputs)
