Sensex in green, Apollo Tyres up nearly 5% after Cooper scraps deal

The Indian markets opened in the positive terrain today. The Sensex is up 59.50 points at 21202.51, and the Nifty is up 15.05 points at 6306.15.

ONGC , Axis Bank , Coal India , ICICI Bank and M&M are top gainers in the Sensex. Among major losers are Tata Steel , Heromotocorp and NTPC .

The rupee opened marginally higher by 7 paise at 61.84 per dollar on Tuesday as against previous day’s closing value of 61.91 per dollar. The dollar index slipped below the 80 handle, while the euro dollar has spiked to 1.38 levels.

[caption id=“attachment_1260665” align=“alignright” width=“380”]  Reuters[/caption]

Pramit Brahmbhatt of Alpari India feels the rupee is going to trade rangebound with a slight negative bias today following a weak equity and high dollar demand by oil marketing companies. “However, a strong Euro against the dollar in the international market and dollar selling by state run banks might provide some relief,” he adds.

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US equity markets ended mixed with the Dow closing on a record high and the S&P 500 on track for its largest yearly increase in 16 years. Meanwhile, European markets ended lower in trade while most of Asian markets will be shut today.

In the currency space, the dollar index has slipped below the 80 handle, while the euro dollar has spiked to 1.38 levels. In commodities, crude prices are steady this morning following a fall yesterday as data showed that US total fuel demand hit a 26-month high in October while a key Libyan oil export port remained shut.

Stocks in news:

Apollo Tyres is up 4.24 percent after Cooper Tire & Rubber Co scrapped a $2.5-billion merger with Apollo.

Cooper believes that Apollo has breached the merger agreement and the company will continue to pursue necessary legal steps to protect itself and the shareholders.

Trent is up 2.22 percent. The shares rosea day after the foreign investment regulator approved a $110 million investment plan by Britain’s Tesco.Tesco this month took the initial steps to becoming the first foreign company to set up a chain of supermarkets in India’s $500 billion retail sector after announcing it had applied to buy a 50 percent stake in Tata Group’s Trent Hypermarket.

Future Group is 3.25 percent. According to reports, the company has revived talks to acquire majority stake in Spykar Lifestyle.