Nifty hits 8600 but soon slips into red; ICICI, Infosys, SBI up

The Indian stock market opened higher Monday but soon run out of breath. After touching 8600 briefly, the Nifty is down 1.25 points at 8582.15 and the Sensex is up 15.52 points at 27689.12. ICICI Bank, NTPC, Infosys, SBI and GAIL are top gainers while Reliance, Bajaj Auto, TCS and HDFC are losers in the Sensex. The Indian rupee opened lower by 10 paise at 66.80 per dollar versus 66.70 Friday.

 

 

 

The dollar on Friday posted its best weekly performance in more than seven months after strong US retail sales and producer prices data for September reinforced expectations the Federal Reserve would raise interest rates in December. 

 

Asian shares dipped while the dollar held firm near seven-month high against a basket of major currencies after comments from Federal Reserve Chair Janet Yellen boosted long-dated US bond yields. Crude oil prices fell on Friday as a stronger dollar weighed on the market and an industry report showed US oil drillers continue to ramp up activity with prices holding above USD 50 a barrel.

 

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EQUITY MARKET UPDATES - 03 OCT. 2016

Domestic benchmark indices BSE Sensex and NSE Nifty opened higher on Monday tracking firm global cues. In the Nifty 50 index, Aurobindo Pharma, Bank of Baroda, Grasim, GAIL and Mahindra & Mahindra were up between 2.89 per cent and 3.86 per cent in the morning deals. On the other hand, Cipla, Tech Mahindra, Coal India, ITC and Ambuja Cement were down between 1.09 per cent and 3.83 per cent.  

10.14 am: Tata Motors were trading nearly 2 per cent up at Rs 544.30. The company’s passenger and commercial vehicle sales (including exports) in September 2016 were at 48,648 vehicles, a growth of 8 per cent, over 45,215 vehicles sold in September 2015. The company’s domestic sales of commercial and passenger vehicles for September 2016 were at 42,961 units, a growth of 5 per cent, over September 2015. Sensex was trading 257.99 points up at 28,123. Nifty was up 85.90 points at 8,697.

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