Sensex, Nifty start on cautious note; IT stocks gain on rupee fall
NEW DELHI: Benchmark indices opened on a cautious note ahead quarterly earnings from FMCG major Hindustan Unilever. Rupee continued its slide and was tradnig 4 paise lower in the morning trade. On the global front, the setup was mixed with Asian markets consolidating after the recent rise. Domestic indices took notice of the broader trend and were trading sideways.
At 9.30 am, the BSE Sensex was trading 41.79 points, or 0.12 per cent, higher at 34,812.84. NSE barometer Nifty50 was ruling at 10,710.90, up 10.45 points, or 0.10 per cent.
“As a momentum trader, one can look for shorting opportunities in names like, Hindalco, Vedanta and Tata Steel. Also, PSBs have taken a strong toll along with midcap private banking peers. On the other hand, IT heavyweights may continue to do so along with selective pharmaceutical names like Dr. Reddy, Sun Pharma and Divis Labs,” Angel Broking said in a note.
Bharti AIrtel was trading half a per cent lower after Merrill Lynch offloaded shares worth Rs 1,931 crore in telecom operator, through an open market transaction on Wednesday.
Infosys rose 2.32 per cent to Rs 1148.90, while TCS advanced 2.01 per cent to Rs 2,908.20. A depreciating rupee is seen good for software exports.
ICICI Bankk, HDFC and Axis bank added up to 1.6 per cent.
Hindustan Unilever, Adani Power, Adani Transmission, Mindtree, DCB Bank, Tata Sponge and Zee EntertainmentBSE -0.05 % are among key companies that will announce their quarterly earnings later in the day.
Tata Motors, Coal India and Reliance Industriers fell 2.20 per cent, 1.63 per cent and 1.62 per cent, respectively.
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Via:: Economic Times – Stocks