Stock Market

Nifty opens above 7500, Sensex firm; Lupin falls, Bharti gains


Chillicious Team

9:30 am Loans:

Lenders have an important role in the success of recently launched crop loan scheme Pradhan Mantri Fasal Bima Yojana (PMFBY), the Reserve Bank said. “Banks have a vital role to play in increasing the coverage under the scheme,” RBI said in a notification addressed to bank chiefs. It said bank branches in the 45 districts, where the scheme is being piloted, will have to ensure 100 percent coverage of loanee farmers. The scheme is compulsory for loanee farmers availing Seasonal Agricultural Operational (SAO) Loans or Kisan Credit Card (KCC).

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The market started off last day of the week on a positive note, tracking global and oil rally. The 30-share BSE Sensex rose 79.40 points to 24756.77 and the Nifty advanced 21.65 points to 7534.20.

Hindalco Industries, Bharti Airtel, TCS, ONGC, Adani Ports, Idea Cellular, Cairn India and Vedanta gained 1-2 percent while Lupin fell 2 percent on CLSA downgrade. Sun Pharma, HUL, Dr Reddy’s Labs and BPCL were other losers.

The Indian rupee opened with a gain of 13 paise at 66.62 per dollar today against previous close of 66.75.

Pramit Brahmbhatt of Veracity said, “The rupee is expected to appreciate with a strong resistance at 66.50/dollar.”

“We expect the USD-INR to trade in a range of 66.50-67.20/dollar today,” he said.

The dollar tumbled against major currencies , after the Federal Reserve pared back expectations for interest rate increases.

Asian markets were mixed with the Shanghai rising 1.9 percent and Hang Seng up 0.7 percent while Nikkei fell 1.4 percent.

Wall Street moved higher on Thursday, pushing the Dow Jones industrial average into positive territory for the year, as commodity prices rose on the back of a weaker US dollar to boost shares in the energy and materials sectors.

The Dow Jones gained 0.9 percent, S&P 500 rose 0.66 percent and Nasdaq Composite added 0.23 percent.