BSE Sensex, Nifty cool off a bit; BHEL, Tata Steel down

14:22

Moneycontrol Bureau
Live Market Commentary
2:23 pm Houseviews: Broking firm Kotak Institutional Equities Kotak has raised its 12-month forward target price for Reliance Industries to Rs 920 (previously Rs 870), citing weaker rupee assumptions and higher gas prices.

Kotak has retained its 'add' rating on the stock.

The brokerage expects domestic gas price to increase to USD 9-10/mn BTU by FY2016-18E versus USD 8.4/mn BTU computed for 1QFY15 based on the CCEA-approved formula led by (1) increase in price of long-term LNG imports from RasGas and (2) likely start of higher-priced LNG contract from Gorgon project in 2015. 

Also read: ICICI Bank to resume overseas forays; eyes SA, Aus, Mauritius

The market has cooled off a bit in late afternoon trade.  The Sensex is up 132.54 points or at 19310.30, and the Nifty is up 33.55 points at 5804.45. About 1068 shares have advanced, 1033 shares declined, and 120 shares are unchanged.

 Technology and FMCG stocks are lending support to the indices. Tata Power (up 3 percent), ITC (up 3 percent), TCS , Infosys and Bharti Airtel are top gainers in the Sensex.

Future Venture relists on exchanges today. Speaking to CNBC-TV18, Kishore Biyani says they expect Rs 1000 crore in sales this year and are looking at 30-40 percent EBIDTA growth.

Meanwhile, all eyes are on ECB and Bank of England's policy decisions today. While no policy change is expected from the European Central Bank, a jump in yields in Portugal, and other periphery markets, could keep ECB President Mario Draghi sounding dovish. The Bank Of England will have its first meeting under new governor Mark Carney.

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