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Money Jul 4, 2013

Sensex rebounds unexpectedly despite rupee fears

By Firstbiz Staff

Indian markets opened in the green this morning with the Sensex jumping around 120 points in opening trade despite sluggish global cues.

While the Sensex opened 0.77 percent higher at 19324, the Nifty was up 0.6 percent higher at 5812.

HDFC, Infosys, ITC were the top Sensex gainers while DLF, Sun Pharma and Reliance Infra were the top Nifty gainers.

Violent clashes in Egypt continue bringing with it rising oil prices. US oil prices rose as high as $102.18, the highest they've been in over a year, before settling at $101.24 a barrel, 1.7% higher.

European markets closed with around 1 percent cut amid political turmoil in Portugal.

Asian markets were trading mixed on Thursday morning. US markets will remain closed today on account of their Independence Day.

Reuters

Reuters

"Value buying in certain counters will take place but investors will continue to remain on guard tracking global developments closely," said IIFL in a research report.

Market is worried as foreign investors have resumes selling Index futures in July after heavy selling in June.

The earnings season begins next week, with Infosys due to unveil its June-quarter results on June 1

Rupee strengthened to 59.99 in opening trade today after closing at 60.21 against the USD yesterday.

Meanwhile, theGovernment took the ordinance route to implement its ambitious Food Security Bill, after efforts to have a debate in Parliament failed. The Food Security Bill aims to give legal rights to 67 percent of the population over a uniform quantity of 5 kg foodgrains a month at Rs 1-3 a kg.

The finance ministry is also certain that despite the $22 billion welfare scheme it will meet its FY14 fiscal deficit targets. Sources told CNBC-TV18 that the finance ministry estimates the fiscal impact of the food ordinance between Rs 15,000 and Rs 20,000 crore.

Stocks in news:

Hindustan Copper is down 0.85 % after the government raised Rs 260 crore by selling shares in Hindustan Copper on Wednesday, as part of its plans to raise Rs 40000 crore through asset sales in this fiscal year.

GlaxoSmithKline Consumer Healthcare is up 1.60 %, after the company is introducing liquid and tablet versions of its Eno brand to strengthen its leadership position in the digestive antacid market in India.

State Bank of Indiais up 1 percent after it clarified that it will not reduce lending rates as its current rates are lowest in the industry.

Deepak Fertilisers and Petrochemicals(DFPCL) was up 2.66% after the fertiliser company purchased a stake of just under 25% in Mangalore Chemicals, which is is down4.63 % and Fertilizers Ltd (MCFL), a company controlled by liquor tycoon Vijay Mallya's UB Group, for Rs.180 crore.

by Firstbiz Staff

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