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Market Live: Sensex, Nifty open higher, Canara Bank shares fall 3%

LiveMint logoLiveMint 20-07-2017 Livemint

Mumbai: The BSE Sensex opens marginally higher against the previous session’s closing. The broader NSE’s Nifty rose in the morning hours. The Indian rupee weakens against the US dollar. The shares of ONGC and Kotak Bank rise, whereas the shares of Asian Paints and Tata Steel fall.

■ 9.30am: BSE Sensex trades higher by 57 points, or 0.18%, to 32,012, while the Nifty 50 rises 12 points, or 0.12%, to 9,912.

■ 9.25am: Oil & Natural Gas Corp. Ltd rose 2.4% to Rs167, while Hindustan Petroleum Corp. Ltd (HPCL) fell 4% to Rs370.80. The government has directed ONGC to acquire 51% stake in HPCL.

■ 9.22am: Canara Bank fell 3.4% to Rs358.45 after it posted a lower-than-expected quarterly net profit on Wednesday, hurt by higher bad loan provisions. Net profit rose to Rs252 crore ($39.18 million) in its fiscal first quarter ended 30 June, from Rs229 crore a year earlier, the country’s fifth largest state-run lender by assets said.

■ 9.20am: Mindtree Ltd fell 2.3% to Rs495 after the company reported disappointed earnings. Net profit for the quarter came in 13.7% higher than the estimated figure of Rs107 crore. However, revenue for the quarter came in 3.1% lower than the estimated figure of Rs1,330 crore.

■ 9.15am: The 10-year bond yield was at 6.451%, compared to its previous close of 6.449%. Bond yields and prices move in opposite directions.

■ 9.12am: The rupee opened at 64.34 a dollar. At 9.12am, the rupee was trading at 64.35 a dollar, down 0.1% from its Wednesday’s close of 64.28.

■ 9.10am: Just Dial Ltd rose 4% to Rs368 after the company said its board will meet on 24 July to consider buyback of shares.

■ 9.08am: Reliance Industries Ltd rose 1% to Rs1,547.80 ahead of its June quarter earnings. According to a Bloomberg poll of six brokers, RIL is expected to post consolidated net sales of Rs76,326 crore and net profit of Rs7,764.5 crore for the three months ended 30 June.

■ 9.05am: Kotak Mahindra Bank Ltd rose 1.3% to Rs1,008 ahead of its June quarter earnings. According to 6 Bloomberg poll estimates, the bank may post a net profit of Rs963.40 crore.

■ 9.00am: Asian currencies were trading lower. Traders are also cautious ahead of next week’s US Federal Reserve meeting. South Korean won was down 0.43%, China renminbi 0.15%, China offshore 0.1%, Taiwan dollar 0.09%, Thai baht 0.08%, Philippines peso 0.07%, Malaysian ringgit 0.06% and Singapore dollar 0.05%.

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