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Monday, July 4, 2016

Equity Tips

Nifty hovers around 8350, midcap rises; UltraTech hits new high

Equity benchmarks continued to consolidate after a rally in previous six sessions. The Sensex fell 28.80 points to 27249.96 and the Nifty declined 15.55 points to 8355.15.

The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.2-0.3 percent. Even the market breadth was positive as about 1049 shares advanced against 861 declining shares on the Bombay Stock Exchange.

Soon after opening in mildly green, the market slipped into red. The Sensex is up 60.53 points or 0.2 percent at 27339.29 and the Nifty is up 8.60 points or 0.1 percent at 8379.30. About 223 shares have advanced, 75 shares declined, and 20 shares are unchanged.

ICICI Bank, ITC, Adani Ports, Bharti Airtel and Tata Steel are top gainers while ONGC, Bajaj Auto and Wipro are losers in the Sensex.

The Indian rupee opened lower by 6 paise at 67.33 per dollar against previous close 67.27. Yen held steady against the dollar on safe haven buying. The currency has gained more than 3 percent since the UK.

"The strong rally in USD-INR has been halted by aggressive intervention. Expect the pair to trade in the 67-67.50/dollar range in near term."

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