Sensex off day's high; Sun Pharma soars 3.5%, ICICI slips

Written By Unknown on Selasa, 09 Juli 2013 | 14.03

12:27

Moneycontrol Bureau
Live Market Commentary

Equity benchmarks erased nearly half of early gains with the Nifty trading below 5850 level. The midcap and smallcap too came off day's high.

Anup Maheshwari of DSP Blackrock says pace of interest rate correction may be slower than expectation & market may stabilise at around current levels.

The BSE Sensex is up 68.29 points at 19393.06, and the Nifty is up 28 points at 5839.55.

The rupee is trading higher by 46 paise at 60.15 per dollar after the RBI and SEBI clamped down on open positions that banks and non banks can take in the currency futures market. Globally the dollar has retreated somewhat against emerging market currencies.

Maruti Suzuki lost 1.5 percent after sources indicate that the passenger car maker has decided to shut down one shift at its Manesar plant. The company says the cut is to align with low demand. It has also asked over 200 contract workers to go on indefinite leave.

Educomp Solutions rallied 10 percent. The company has initiated discussion with its lenders and has approached the corporate debt restructuring forum to restructure its rupee debt to correct the asset liability mismatch on its balance sheet.

Reliance Power surged nearly 3 percent. The 100 mega watt Rajasthan solar power project received carbon credits approval. The project will generate 2.15 million carbon credits in first 10 years of operations.

Alstom T&D jumped 4 percent. The company has bagged order worth Rs 200 crore from Bajaj Infra.

Sugar stocks gained between 1-4 percent, as the government notifies the hike in sugar import duty from 10 percent to 15 percent.



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