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Sunday, August 21, 2016

Equity Tips

Nifty hovers around 8650, Sensex firm; FMCG gains, auto falls

Equity benchmarks remained rangebound with the Nifty hovering around 8650 level as FMCG stocks continued to support the market while auto, technology and banks dragged.

The 30-share BSE Sensex was down 59.45 points at 28017.55 and the 50-share NSE Nifty declined 22.80 points to 8644.10 despite positive market breadth.

About 1044 shares advanced against 825 declining shares on the BSE. ITC and HUL rallied 1-2 percent while ICICI Bank, Lupin, Sun Pharma and Maruti were down over a percent. Meanwhile, the government on last Saturday appointed Urjit Patel as new RBI governor.

Equity benchmarks started off the week on a flat note as investors digested the news of appointment of new RBI governor Urjit Patel.

The Indian rupee opened lower by 13 paise at 67.19 per dollar today against Friday's closing value of 67.06 a dollar.

"Rupee is likely to depreciate today as we have seen supportive buying in the USD. However, the rally in USD could be limited to 67.30/dollar."

"We expect the USD-INR pair to trade in the range of 66.80-67.30/dollar,"

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