Coal news and updates

Nifty reclaims 8700, Sensex firm; Coal India, Glenmark gain

09:40am FII View: Bharat Iyer, JP Morgan said the equity markets went into the event with limited expectations; consequently the disappointment was muted. In terms of sector stance, he maintained the focus should remain on alpha, rather than beta. “We would position for a potential recovery in the local economy through high quality financials with a strong capital & liability franchise & manufacturing sectors with low financial leverage & high operating leverage - commercial vehicles & cement are key picks here,” he explained. Separately he remained overweight IT services and healthcare, he said, adding the demand environment remains solid. He believes concerns on INR appreciation turning into a headwind are over done. 09:15am Market Check The market extended upmove in opening trade today with the Nifty reclaiming 8700 level led by FMCG, IT and banks stocks. The Sensex rallied 122.87 points to 28639.46 and the Nifty climbed 38.65 points to 8698.95. About 429 shares have advanced, 73 shares declined, and 92 shares are unchanged on the BSE. Shares of Coal India, Tata Motors, Infosys, Tata Power, NTPC, HDFC Bank, ICICI Bank and Sun Pharma topped the buying list on Sensex. However, Bharti Airtel declined. The cabinet has cleared the decks to create a regulator for realty sector. The watchdog will address consumer grievances within 60 days. Penal provisions will be initiated against realtors who violate the rules. Reserve Bank of India Governor Raghuram Rajan kept key policy rates unchanged yesterday and asked bankers to pass on previous rate cuts. Banks obliged with the ICICI Bank cutting rates by 25 basis points. SBI and HDFC Bank also eased rates by 15 basis points each. Glenmark Pharma gained 3.5 percent on approval from CCEA to hike FII limit in company. The Indian rupee opened lower by 7 paise at 62.32 per dollar today against previous day's closing value of 62.25. NS Venkatesh of IDBI Bank said, "The rupee weakened as Reserve Bank of India (RBI) kept policy rates unchanged and its statement also raised concern over the future rate action. The forward premia rates traded with a softening bias." He further added, "The dollar index has marginally strengthened, it is expected that the rupee will trade in a narrow range but with a depreciating bias in the range of 62.20-62.40/dollar today." The dollar recovered all the ground it lost against the euro from Friday's jobs report. The dollar index holds above 97 levels. Citing the currency's strength, Bank Of America-Merrill Lynch cut its 2015 earnings estimates for the S&P 500 by USD 2 a share. Among global markets, in the US, stocks closed mildly lower as investors eyed continued gains in oil and the dollar ahead of the unofficial start of earnings season on Wednesday. In Europe, equities rallied to close higher, with fears over an impending interest rate hike in the US receding and investors cheering acquisition news. From the peripheral indices Irish and Italian indices ended with gains of more than 1 percent. And Asia was positive in morning trade ahead of Bank of Japan's policy decision. Among commodities, crude prices slipped after Saudi Arabia revved up crude production to its highest level on record in March.

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