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Sensex opens 150 points higher on firm global cues; US FOMC meet eyed

Countdown to Thursday's Federal Reserve interest rate decision continues

Sensex opens 150 points higher mirroring strength in global peers; US FOMC meet eyed
SI Reporter Mumbai
Last Updated : Sep 16 2015 | 10:14 AM IST
Markets have opened the session on a higher note mirroring strength in the global peers on the back of firm US economic data.

However, investors continue to remain on their toes as the countdown to Thursday’s Federal Reserve interest rate decision continues.
 
At 9:15 AM, the Sensex has gained 179 points to trade at 25,885 and the Nifty has climbed 45 points to trade at 7,874. 

The broader markets are trading in line with the larger peers. BSE Midcap and Smallcap indices are trading higher by 0.6% each. The market breadth is firm on the BSE with 898 advances versus 197 declines.

Meanwhile, the merchandise exports dropped 20.7% to $21.3 billion in August from $26.8 billion in the corresponding  period last year owing to a slowdown in global markets and an uncertain global economic environment in view of a crisis in China.

STOCK TRENDS

Sun Pharma has bid to acquire US eye care company InSite Vision to expand its basket of specialty products and boost sales according to media reports. The stock is trading 1.3% higher. 

Maruti Suzuki is tradin higher by 0.7% after the company stated that it is aiming for a double-digit growth in sales every year through this decade to hold on to its 45 per cent market share in India's passenger vehicle market.

Natco Pharma has raised Rs 340.88 crore by issuing shares to qualified institutional buyers. The company issued 16 lakh shares at a price of Rs 2,130.55 apiece. The stock is 1% up. 

ONGC is likely to bid for some of the smaller fields it earlier surrendered as unviable following the unveiling of a new government policy to develop marginal oil and gas blocks. The stock is up 0.7%. 

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Vedanta & Cairn India has received a nod from both exchanges BSE and NSE on the proposed merger of its oil and hydrocarbon arm Cairn India with itself. Vedanta has surged 3% while Cairn India is up over 1%. 

Biocon has opened a facility to manufacture devices for its insulin portfolio. Spread over 10,000 square feet, the facility will manufacture pen like delivery devices for people with diabetes in India and other parts of the world. The stock has inched up in the morning trades.

The IT pack is trading firm in the morning trades on the back of a depreciating rupee. TCS, Wipro and Infosys are up 0.6% each.
On the other hand, L&T and Dr Reddy’s Lab are trading lower by 0.2% each.
GLOBAL STOCKS
 
Asian shares are trading firm tracking gains in the Wall Street higher on firm US economic data. However, investors braced for the possibility of the first interest rate hike in the United States in almost a decade.
 
U.S. shares rose 1 percent overnight, in part helped by data showing healthy growth in consumer spending, although retail sales for August were slightly below market expectations.

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First Published: Sep 16 2015 | 9:15 AM IST

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