 "Stock market: A roller coaster ride for Indian equities")
Markets continue to remain lacklustre as investors wait for the release of the macroeconomic data-IIP and CPI due tomorrow and the fourth quarter earnings kickstarting on Friday with IT giant Infosys.
Also, FII trend, crude oil price and rupee movement will dictate the trend on the bourses this week.
At 10:45 am, the S&P BSE Sensex is up 10 points to quote at 24,683 and the Nifty50 is up 5 points to trade at 7,561.
RUPEE
Rupee strengthened by 10 paise to 66.37 against the dollar in early trade at Interbank Foreign Exchange on increased selling of the US currency by exporters and banks amid higher opening in the domestic equity market.
BUZZING STOCKS
Rajesh Exports has moved higher by nearly 5% to Rs 619 on the BSE after the company announced it has bagged an export order worth Rs 1,188 crore of designer range of gold and diamond studded jewellery and medallions from UAE. The order is to be completed by 30th June 2016.
Shares of Cairn India are up 2% at Rs 152 on the Bombay Stock Exchange after reports suggested that the company has full indemnity from its former promoter UK-based Cairn Energy against any retrospective tax demand.
Bharti Airtel has gained nearly 4% at Rs 347 on the National Stock Exchange (NSE) in early morning trade after the company said it has entered into an agreement with Aircel to acquire its 2,300-MHz spectrum band in eight circles for Rs 3,500 crore. The acquisition will enable Bharti Airtel to become a pan-India 4G operator.
Rupa & Company is locked in upper circuit of 20% at Rs 329 on the BSE in early morning trade after the company announced that its wholly-owned subsidiary has acquired the exclusive license from French Connection to develop, manufacture, marketing and sale of the innerwear and related products with the Brand name 'FCUK' in India.
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(updated at 9:30 am)
Markets have opened the holiday truncated week on a quiet note as investors wait for the release of the macroeconomic data-IIP and CPI due tomorrow and the fourth quarter earnings kickstarting on Friday with IT giant Infosys.
(updated at 9:30 am)
Also, FII trend, crude oil price and rupee movement will dictate the trend on the bourses this week.
At 9:30 am, the S&P BSE Sensex is up 19 points to quote at 24,693 and the Nifty50 is up 8 points to trade at 7,563.
"For the Nifty 7580 – 7640 is likely to act as a strong hurdle. Going forward, we expect the range bound action to continue, but with a negative bias. Meanwhile, the corporate
result season (1QFY2017) will kick-off in the forthcoming week and thus, we may see a lot of stock specific moves, where traders can look for potential trades," Angel Broking said in a technical note.
Market will remain closed on Thursday and Friday on account of Baba Saheb Ambedkar Jayanti and Ram Navami, respectively.
On key macroeconomic announcements, industrial production data for February and the consumer price index (CPI) data for March will be unveiled on Tuesday.
GLOBAL MARKETS
Most Asian shares except China were trading lower on Monday with Japanese shares declining the most after data showed drop in core machinery orders in February. Core machinery orders for February declined 9.2% compared to the previous month. Japan's benchmark Nikkei was down 1.3% while Hang Seng and Straits Times were down 0.2% each. China's Shanghai Composite was up 1.7%.
US stocks came of their intra-day highs to end with marginal gains on Friday. Gains were led by energy shares on the back of uptick in crude oil prices. Further, profit taking in biotech and healthcare stocks capped upside gains for the Nasdaq. The Dow Jones industrial average gained 0.2% at 17,577, S&P 500 gained 0.3% at 2,048 and the tech-laden Nasdaq ended flat at 4,851.
STOCK TRENDS
STOCK TRENDS
Tata Steel is trading flat after it reported 13% growth in sales to 2.72 million tonnes in the quarter ended March 2016 compared to the same quarter last fiscal. Crude steel production for the March 2016 quarter was 5% higher at 2.56 million tonnes.
Drug major Sun Pharma has climbed over 1% after the company received US Food and Drug Administration approval for an ophthalmic solution, used for preventing pain and treating inflammation in eye, after cataract surgery.
Maruti Suzuki is trading with mild gains as the company decides to start producing cars at new plant in Gujarat early next year; popular Baleno hatchback to be first model to roll off the line
Bharti Airtel is up 3% as the company decides to pay Rs 3,500 crore to acquire rights to use 4G spectrum of Aircel in eight telecom circles, the second deal in less than a month that will make the firm a pan-India operator for providing high-speed mobile data services.
Aberdeen Asset Management Asia has reduced its shareholding in Infosys by selling 56.26 lakh shares in the country's second-largest software services firm. The stock is 1% down, The IT giant is due to slate the fourth quarter numbers on Friday.
Global NCAP on Friday hit out at Bajaj Auto for making 'misleading' claims of better safety standards of the company's quadricycle Qute than some popular compact cars sold in India based on crash test results done by the UK-based vehicle safety group. The stock is however up 0.5%.
Rupa & company is locked in the upper circuit after M/s. Oban Fashions Private Limited, a wholly-owned subsidiary of the company entered into a definitive License Agreement with French Connection Limited.
Meanwhile, DLF has soared 2% amid reports that the real estate major has started the process of divesting promoters' 40% stake in the rental arm DLF Cyber City Developers Ltd.
Another stock that is witnessing buying interest is ARSS Infrastructure up over 6% after the company received a work order amounting to Rs. 156.85 Crores namely ‘"Budhapank-Salegaon Via- Rajathagarh - 3rd & 4th line: Execution of earthwork, minor bridges & other allied works.
