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Markets Live: Sensex, Nifty open higher, Tata Steel shares rise 3%

LiveMint logoLiveMint 08-06-2017 Livemint

Mumbai: The BSE Sensex opened higher on Thursday. The broader Nifty, too, rises in the opening hours. The Indian rupee, tracking Asian currencies, falls against the US dollar. The shares of United Spirits Ltd and Tata Steel rise, whereas the shares of TCS Ltd fall.

■ 9.30am: Tata Consultancy Services Ltd (TCS) shares fell 1.1% to Rs2,585.65 after Brokerage firm Nomura cut its rating to ‘reduce’ from ‘neutral’.

■ 9.27am: BSE Sensex trades higher by 59 points, or 0.19%, to 31,330, while the Nifty 50 rises 17 points, or 0.18%, to 9,681.

■ 9.25am: United Spirits Ltd shares rise 3.3% to Rs2,427.95. In a clear case of saving excise revenue and bowing to the lobby of the bars and restaurants, Karnataka state government has decided to denotify all national highways which pass through urban local bodies in the state.

■ 9.23am: Tata Steel Ltd shares rise 3% to Rs505.20 after CLSA reiterates ‘buy’ rating on the stock and raised its price target to Rs710 a share from Rs570 a share.

■ 9.20am: Housing finance companies trade higher. The Reserve Bank of India (RBI) on Wednesday made it possible for banks to lend more to home buyers, that too at lower interest rates in a move that should benefit customers as well as real estate developers. The central bank did this by reducing the amount of money that the banks have to set aside (as security) on home loans. Previously, they had to set aside 0.4%, or Rs400 per lakh. This has now been reduced to 0.25%, or Rs250 per lakh. Housing Development Finance Co Ltd rose 1.4%, LIC Housing Finance Ltd rose 1%, GIC Housing Finance Ltd rose 1.8%, Repco Home Finance Ltd rose 0.4%, Indiabulls Housing Finance Ltd rose 1%, Can Fin Homes Ltd rose 0.6%.

■ 9.15am: The rupee opened at 64.40 a dollar. At 9.15am, the rupee was trading at 64.38, down 0.08% from its Wednesday’s close of 64.33.

■ 9.10am: Asian currencies were trading lower. Philippines peso was down 0.15%, South Korean won 0.12%, Malaysian ringgit 0.08% and Indonesian rupiah 0.06%. However, Singapore dollar was up 0.05%.

■ 9.05am: The 10-year bond yield was trading at 6.526% compared to its previous close of 6.567%. Bond yields and prices move in opposite directions.

■ 9.00am: Asian markets were mixed at the open on Thursday ahead of key risk events later in the day, with apparent land-to-ship missiles fired by North Korea in the morning added to the mix.

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