Market Opens: Indian indices opened lower amid mixed global cues on July 11 with Nifty below 16200.
At 09:16 IST, the Sensex was down 269.57 points or 0.49% at 54212.27, and the Nifty was down 83.10 points or 0.51% at 16137.50. About 950 shares have advanced, 927 shares declined, and 127 shares are unchanged.
Rupee Opens:
Indian rupee opened marginally higher at 79.22 per dollar on against previous close of 79.25.
Tata Motors hikes prices of its passenger vehicles. Details here
“The company has taken extensive measures to absorb significant portion of the increased input costs,” Tata Motors said.
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Indian markets are likely to open on a negative note today on the back of weak global cues as concerns persisted about hikes in interest rates and their impact on economic growth.
US markets ended mixed amid release of macroeconomic data.
Prashanth Tapse, Vice President (Research), Mehta Equities:
Local stocks are likely to drift lower in morning trades Monday, as key Asian indices, especially Chinese gauges, lost considerable ground after its annual inflation climbed to 2.5% in June against the market forecast of 2.4%.
However, stock specific action is likely to command investors’ attention, as the undertone of the market remains caution to bearish.
Also, after the recent upsurge, India VIX, which measures the expected volatility in the market has fallen down to 18.40 levels. Our chart of day is we are bullish on stocks like Tata Chemical, Grasim, Tata Power, Tata Steel & Oberoi Realty with an interweek/intermonth perspective.
Market at pre-open: Benchmark indices are trading lower in the pre-opening session.
At 09:02 IST, the Sensex was down 106.54 points or 0.20% at 54375.30, and the Nifty was down 78.40 points or 0.48% at 16142.20.
Gold prices Update:
Gold was flat on Monday, as a towering U.S. dollar put pressure on demand for greenback-priced bullion and pinned it near nine-month lows seen last week.
Spot gold held its ground at $1,742.08 per ounce at 0221 GMT. U.S. gold futures dipped 0.2% to $1,739.60.
Earnings, inflation, GDP data on investors’ radar this week; Nifty may move to 16,500: Experts
In the coming week, participants will first react to the TCS and Dmart numbers. Besides, macroeconomic data viz. IIP and CPI on July 12 and WPI on July 14 will be in focus, says Ajit Mishra, VP -…
Dollar Updates:
The dollar was on the front foot at the start of a week in which U.S. and Chinese data and European energy security were top of mind, as investor concerns about global economic growth offered support to the safe haven currency.
The euro languished at $1.01475, having lost 2.3% last week and briefly falling to its lowest since late 2002.
The greenback gained 0.37% on the yen to 136.63 in early trade, not far from a 20-year peak hit last month, leaving the dollar index at 107.29.
Glenmark Pharmaceuticals launches MINYM Gel
Glenmark Pharmaceuticals has launched India’s first topical Minocycline 4% Gel for the treatment of moderate to severe acne, under the brand name MINYM.
This is a potent antibacterial gel which exerts a strong anti-inflammatory action. It also offers the lowest MIC90 (minimum Inhibitory Concentration at which it stops/prevents visible growth of 90% of isolates of bacteria) compared to the available topical antibacterial formulations, company said.
Morning Scan: All the big stories to get you started for the day
A round-up of the biggest articles from newspapers
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The rupee is expected to depreciate today amid strong dollar and surge in crude oil prices. Dollar is gaining strength on hawkish US Fed and heightened geopolitical tensions.
Furthermore, improved job data from US cemented expectations of another 75 bps rate hike by US Fed. Also, the rupee may slip on persistent FII outflows and fears over slowdown in global economy. USDINR (July) is expected to trade in a range of 79.10-79.60
