Sensex falls, Midcap outperforms; L&T Infotech lists at discount
Equity benchmarks erased early gains but the broader markets continued to outperform with the BSE Midcap and Smallcap indices rising 0.4-0.6 percent.
L&T Infotech listed at a 6 percent discount on the exchange. The stock opened at Rs 667 against issue price of Rs 710. Axis Bank lost another 1.6 percent, in addition to 1 percent loss in previous session ahead of Q1 earnings on Friday.
The market has opened higher supported by firm global cues. The Sensex is up 60.51 points or 0.2 percent at 27976.40, and the Nifty up 16.85 points or 0.2 percent at 8582.70. About 308 shares have advanced, 98 shares declined, and 34 shares are unchanged.
Cipla, ITC, Bajaj Auto, Hero MotoCorp and ONGC are gainers while Dr Reddy's Labs, Infosys, TCS, BHEL and M&M are losers in the Sensex.
The Indian rupee opened lower at 67.22 per dollar on Thursday versus previous closing 67.20. Dollar index at a four-month high against a basket of currencies helped by strong US data and growing expectations that the Fed may raise rates before the end of the year.