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Equity Tips

Nifty consolidates ahead of F&O expiry; Asian Paints surges 7%

Equity benchmarks continued to trade higher amid consolidation with the Nifty holding 8600 level ahead of expiry of July derivative contracts.

The 30-share BSE Sensex was up 77.26 points at 28101.59 and the 50-share NSE Nifty rose 15 points to 8630.80. The broader markets outperformed benchmarks.

Asian Paints shares rallied 7 percent after its first quarter (April-June) earnings surpassed analysts' expectations with consolidated profit growing 18.7 percent year-on-year to Rs 553 crore, boosted by operational performance.

Equity benchmarks started off Thursday's trade with marginal gains as the Sensex gained 80.69 points at 28105.02 and the Nifty rose 21 points to 8636.80.

ICICI Bank, Maruti Suzuki and Adani Ports gained 1 percent each while Infosys, NTPC were losers. The Indian rupee opened higher by 8 paise at 67.06 per dollar versus 67.14 Wednesday.

"The USD lost ground marginally against most currencies. Passage of GST in this session will be a positive for the rupee," he said. He expects the USD-INR pair to trade in a range of 66.85-67.15/dollar today.

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