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Moneycontrol

Tuesday 5 September 2017

Market Live: Sensex ranged amid North Korea tensions; Bharti Airtel top loser

Activity in India's dominant services sector contracted for a second straight month in August as disruptions caused by a new tax policy hurt new orders, a private survey showed today.


1:00 pm Buzzing: Sun TV Network shares added another 3 percent on top of 5 percent gains in previous session.

While maintaining buy call on the stock, CLSA raised target price to Rs 965 from Rs 890 following increase in FY19 IPL revenue estimates by 45 percent.

12:56 pm Rupee Outlook: ICICI Securities said the USD-INR fell mildly in August due to geopolitical risk escalation on the back of war rhetoric between the US President and North Korean leader. US July Core PCE fell further to 1.4 percent, drifting away from Federal Reserve's target of 2 percent. US rate hike probability is almost nil for the September Monetary meeting.

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On the domestic front, RBI has cut its benchmark interest rates by 25 bps, which led to a sharp spike in the rupee. However, RBI also raised concerns on inflation in the near term, which capped runaway rupee appreciation, it added.

As such, the research house expects the USDINR pair to remain range bound in the September series.

Current war rhetoric over North Korea escalating into an actual war is a real risk for all emerging currencies, including the rupee, it feels.

12:50 pm Cement price hike: Dealers said cement makers raised prices by up to Rs 27 per 50 kg bag in Mumbai, reports CNBC-TV18 quoting NewsRise.

UltraTech Cement, ACC, Ambuja Cements and Shree Cement gained 1-2 percent.

12:45 pm Market Check: Equity benchmarks continued to be rangebound amid geopolitical tensions concerning North Korea.

The 30-share BSE Sensex was up 23.88 points at 31,726.13 and the 50-share NSE Nifty rose 3.80 points to 9,916.65.

Bharti Airtel was biggest loser among Nifty 50 stocks, down 4 percent followed by Bharti Infratel, HCL Technologies, Sun Pharma.

Reliance Industries, HUL, Tech Mahindra, Kotak Mahindra Bank, Yes Bank, HDFC Bank and Axis Bank were gainers.

12:40 pm Europe trade: European markets were mixed, as geopolitical tension concerning North Korea kept investors at bay while markets lacked overnight guidance due to a Labor Day holiday in North America.

The pan-European Stoxx 600 edged marginally higher shortly after the opening bell, with sectors and major bourses pointing in opposite directions.

12:35 pm Bilateral meeting post-Dokalam: Prime Minister Narendra Modi and Chinese President Xi Jinping today held their first substantive bilateral meeting after the Dokalam standoff, which had put ties between the two countries under strain.

Modi, who attended the BRICS Emerging Markets and Developing Countries Dialogue earlier in the day, met Xi on the sidelines of the 9th BRICS Summit.

The meeting comes amid diplomatic efforts by the two sides to overcome the bitterness caused by the 73-day face-off between their troops in the Dokalam area of the Sikkim sector.

The Chinese and the Indian troops were engaged in a standoff since June 16 after the Indian side stopped the construction of a road by the Chinese Army.

On August 28, India's External Affairs Ministry announced that New Delhi and Beijing have decided on "expeditious disengagement" of their border troops in the disputed Dokalam area.



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