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Monday, June 20, 2016

Equity Tips

Sensex, Nifty under pressure on profit booking; Midcap rises

Equity benchmarks remained under pressure on profit booking after nearly a percent rally in previous session on easing of Brexit concerns. The 30-share BSE Sensex fell 71.74 points to 26795.18 and the 50-share NSE Nifty declined 24.30 points to 8214.20 while the broader markets outperformed benchmarks, rising 0.3 percent each.

Reliance Industries, HDFC Bank, L&T, ITC, Axis Bank, Asian Paints, Tata Motors and Maruti fell 0.5-1 percent while M&M, ONGC, Adani Ports, Bajaj Auto and GAIL gained 1 percent each.

The market has opened flat with the Nifty still holding the 8250. The 50-share index is up 18.10 points or 0.2 percent at 8256.60. The Sensex is up 5.46 points or at 26872.38. About 345 shares have advanced, 92 shares declined, and 31 shares are unchanged.

GAIL, Lupin, ONGC, ICICI Bank amd M&M are top gainers while Bharti Airtel, SBI, ITC, Bajaj Auto and Axis Bank are down.

The Indian rupee opened lower by 9 paise at 67.40 per dollar on Tuesday versus 67.31 Monday. Ashutosh Raina of HDFC Bank said, "The Indian markets seem to have taken the Rexit in their stride with equity, bond and currency markets coming off their intra-day lows, in tandem with the global risk-on sentiment, as Brexit fears have eased substantially."

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