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Money Apr 16, 2013

Flat start for Sensex, Nifty; Tata Power up on tariff hike news

By Firstbiz Staff

The Indian stock markets opened in the green but remained inactive largely on global cues.

The yen firmed against the dollar and the euro on Tuesday while commodities from gold to oil extended their sharp declines after investors dumped risk assets overnight, worried over slowing growth in China and the US took hold.

Cash gold and US gold futures plunged to their weakest in over two years, pulling silver lower and dragging Tokyo gold futures down almost 10 percent.

Reuters

Ratings agency Crisil today cut its FY14 growth forecast for India to six per cent from the earlier 6.4 percent . Reuters

Sensex opened at 18395.02, up 0.20 percent and the Nifty opened at 5580.30, up 0.21 percent.

Ratings agency Crisil today cut its FY14 growth forecast for India to six per cent from the earlier 6.4 percent citing a variety of reasons, including the high lending rates, weaker pick-up in consumption and issues around mining and project clearances.

Foreign institutional investors were net sellers of Rs 418 crore ($76.52 million) worth of stock on Monday,
provisional exchange data showed, a day when the Sensex rose 0.63 percent.

Investors also welcomed the sharp slump in gold and crude oil prices, which if sustained, would help ease narrow the current account deficit, a factor which has been cited by the central bank as a key variable in its monetary policy making. India inflation slowed to lowest in more than three years in March.

Stocks in news

RIL opened up 0.31 percent ahead of its Q4 earnings today.

Wipro opened up 0.25 percent after promoters said they will soon sell shares in the company through the offer for sale (OFS) route.

Gold loan companies including Manappuram Finance (10 percent) and Muthoot Finance (8 percent) opened in the red on falling gold prices.

IOC opened 2 percent up after it cuts petrol prices from Tuesday

The Central Electricity Regulatory Commission (CERC) has allowed Tata Power to raise electricity tariffs on a temporary basis at its Mundra power plant on account of rising cost of imported coal, the power utility said on Monday. The stock was up 4 percent.

With inputs from Agencies

by Firstbiz Staff

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