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Sensex gains over 250 pts, Nifty opens above 8500; Lupin, PNB up
Lupin is up 7 percent while Sun Pharma, ICICI Bank, SBI and Adani Ports are gainers. Tata Motors is in red.
Result poll: ICICI Bank is likely to see net profit falling 18.3 percent to Rs 2476.9 crore in July-September quarter from Rs 3030.1 crore in corresponding quarter last fiscal. Earnings expected to remain under pressure due to high provisions.
According to a CNBC-TV18 poll, the largest private lender's net interest income may be up marginally by 0.4 percent at Rs 5273.9 crore compared to Rs 5251.5 crore in year-ago period. Slippage in Q2 from watchlist will be seen closely. Provisions may remain elevated in Q2 despite stake sale in ICICI Prudential life. Q1 provision was at Rs 2514.5 crore while ICICI had created contingent provision in Q4FY16 of which Rs 2734.6 crore is available with them after Q1.
Market outlook: Mahesh Nandurkar of CLSA says among the 64 companies under the coverage which have reported thus far, the brokerage has raised FY17 earnings estimates for 39 percent of them and downgraded for 41 percent. Consumer staples and print media disappointed but autos, select private banks and commodities beat expectations. He says during results season, FY17 consensus Nifty earnings estimates were lowered by 1 percent, a much improved trend compared to last year. Festive season demand has been robust, especially for autos and jewellery. If this trend continues, H2FY17 will be far better for corporate earnings which will also have a low base to help, he feels.
The market has opened with strong gains supported by firm global cues as FBI cleared presidential candidate Hillary Clinton of potential criminal charges in its private email server probe. The Sensex is up 280.29 points or 1 percent at 27554.44, and the Nifty up 99.75 points or 1.2 percent at 8533.50. About 639 shares have advanced, 96 shares declined, and 41 shares are unchanged. Lupin is up 7 percent while Sun Pharma, ICICI Bank, SBI and Adani Ports are gainers. Tata Motors is in red. Boosted by strong Q2 results, PNB is up 5 percent. The Indian rupee opened marginally lower by 4 paise at 66.74 per dollar versus 66.70 Friday.
Pramit Brahmbhatt of Veracity says, "Weak US economic data and dollar index will help rupee gain today. The rupee is likely to head towards 66.50/dollar levels and the trading range for the day is likely to be between 66.50-66.80/dollar." The US dollar slipped against the safe-haven Swiss Franc on Friday on nervousness ahead of US presidential election, despite a solid US jobs report that supported expectations for a Federal Reserve rate hike next month. Stock markets in Asia opened up with MSCI's broadest index of Asia-Pacific shares outside Japan advancing 0.3 percent. Australian shares were up 0.7 percent and Japanese shares rose 1.2 percent. The biggest winner was the Mexican peso, which has acted as something of a bellwether of sentiment as Republican Donald Trump's proposed policies are considered to be deeply negative for the country. It rose to a 1-1/2 week high earlier.
nvestors had been unnerved by signs of a tightening presidential race between Democrat Hillary Clinton and Trump, whose stance on foreign policy, trade and immigration has rippled through financial markets. Crude oil logged its biggest weekly percentage declines since January of just under 10 percent as signs of tensions resurfaced between Saudi Arabia and Iran that could scupper a key supply cut pact. Gold steadied on Friday, heading for its biggest weekly rise since mid-September as jitters over next week's US election offset a solid payrolls report that shored up expectations for a US interest rate hike next month.
The market has opened with strong gains supported by firm global cues as FBI cleared presidential candidate Hillary Clinton of potential criminal charges in its private email server probe. The Sensex is up 280.29 points or 1 percent at 27554.44, and the Nifty up 99.75 points or 1.2 percent at 8533.50. About 639 shares have advanced, 96 shares declined, and 41 shares are unchanged. Lupin is up 7 percent while Sun Pharma, ICICI Bank, SBI and Adani Ports are gainers. Tata Motors is in red. Boosted by strong Q2 results, PNB is up 5 percent. The Indian rupee opened marginally lower by 4 paise at 66.74 per dollar versus 66.70 Friday.
Pramit Brahmbhatt of Veracity says, "Weak US economic data and dollar index will help rupee gain today. The rupee is likely to head towards 66.50/dollar levels and the trading range for the day is likely to be between 66.50-66.80/dollar." The US dollar slipped against the safe-haven Swiss Franc on Friday on nervousness ahead of US presidential election, despite a solid US jobs report that supported expectations for a Federal Reserve rate hike next month. Stock markets in Asia opened up with MSCI's broadest index of Asia-Pacific shares outside Japan advancing 0.3 percent. Australian shares were up 0.7 percent and Japanese shares rose 1.2 percent. The biggest winner was the Mexican peso, which has acted as something of a bellwether of sentiment as Republican Donald Trump's proposed policies are considered to be deeply negative for the country. It rose to a 1-1/2 week high earlier.
nvestors had been unnerved by signs of a tightening presidential race between Democrat Hillary Clinton and Trump, whose stance on foreign policy, trade and immigration has rippled through financial markets. Crude oil logged its biggest weekly percentage declines since January of just under 10 percent as signs of tensions resurfaced between Saudi Arabia and Iran that could scupper a key supply cut pact. Gold steadied on Friday, heading for its biggest weekly rise since mid-September as jitters over next week's US election offset a solid payrolls report that shored up expectations for a US interest rate hike next month.
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