09:15
Moneycontrol BureauLive Market Commentary 9:17 am Buzzing: Shares of Bharti Airtel are up 2 percent intraday. Bank of America Merill Lynch has maintained buy rating on it with a target of Rs 390 per share indicating a marginal upside of 2-4 percent on strong India outlook. The brokerage expects more tower sales to follow through rest of FY15 as Bharti is likely to monetise the entire 18000 tower portfolio.
The telecom company has announced an agreement to sell 3100 towers out of its nearly 18,000 tower portfolio across Africa. This deal spans Bharti's presence in 4 out of 17 countries across Africa and has an independent tower operator (Helios) as counterparty.
The brokerage sees Africa tower-sales as a long-term, directional positive for Bharti given the challenges associated with energy management (capex & opex) in Africa.
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Just as the market gears up for the Union Budget, the market opened in green. The Sensex is up 78.26 points at 25523.07 and the Nifty is at 7585.00. About 346 shares have advanced, 178 shares declined, and 14 shares are unchanged.
Tata Power, Bharti, Tata Motors, BHEL and NTPC are top gainers in the Sensex.
US stocks finished higher, rebounding from a sharp two-day selloff, after minutes from the last Federal Reserve meeting showed policymakers have started to detail how the central bank will end its easy monetary policy.
The Fed indicated it will end its bond purchases in October and appeared near agreement on a plan to manage interest rates in the future, according to the minutes.
Asian equities rose and the dollar dipped, after the Federal Reserve indicated that it was not in a rush to end quantitative easing and begin hiking rates. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.2 percent. Tokyo's Nikkei rose 0.1 percent, despite a sharp drop in machinery orders reported minutes before the opening bell.
Japan's core machinery orders unexpectedly fell 19.5 percent in May from the previous month, casting doubt over the outlook for a pickup in capital spending. But markets were more focused on the Fed.
Gold edged higher for a second straight session, helped by a weaker dollar and as minutes of the Federal Reserve's recent policy meet gave no indication of an early hike in US interest rates. Markets were also eyeing developments in the second-biggest consumer India, where the new government is expected to cut a record high import duty on gold at the Budget to be presented today.
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