Money Aug 8, 2012
The stock market continued its gaining streak on the new found optimism on the reforms front. The Sensex opened 0.3 percent higher at 17,663 and the Nifty o.4 percent at 5359.
The rupee gained 55.02 against the dollar.
The Asian markets too opened at a three-month high riding on the optimism of policy reform hopes in the eurozone and marked improvement in US hiring.
However, sustainability of the upmove is doubtful as the market may lose steam if P Chdiamabram's promises turns out to be just a pep talk .
Rating agency Crisil has already cut growth forecast for the economy to 5.5 percent from 6.5 percent, mainly on account of impact of rainfall deficiency, policy logjams and inflation. The monsoon session of the parliament starts today and there are hopes that some of the long pending reforms will be taken up.
Among the sectoral indices, auto is the best performer with Tata Motors up almost 2 percent and Mahindra and Mahindra 1 percent. The Bank Index also opened with gains with ICICI Bank gaining half a percent.
Stocks in news
Bharti Airtelis down by 0.87 percent reacting mostly due to Q1 results where its net profit stood at Rs 762.2 crore, lower than market estimates.
IRB Infrastructure is one of the top gainers in the market today up by 4 percent. BNP Paribas said the management, at a meeting, reiterated the CBI case on murder charge against Chairman and Managing Director, Virendra Mhaiskar was "behind them" and no employees have been accused.
Jaypee Infrastructure also gained 3 percent with the Yamuna Expressway slated to be opened tomorrow.
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