Nifty hovers around 8550, Sensex weak; TCS, Wipro slip 2%
Equity benchmarks remained in a consolidation phase with the Nifty hovering around 8550 level due to lack of global as well as domestic triggers. Inflow of foreign money also dried up last week after hefty buying by FIIs since March.
TCS, Adani Ports and Wipro were top losers on the Sensex, falling 2 percent each while Tata Motors topped the buying list again, up 4 percent as brokerage houses raised target price on the stock after Q1 earnings. The Indian rupee has been trading above 67 a dollar from last week, down 10 paise compared to Friday's closing value.
The market has opened flat reacting to Federal Reserve Chair Janet Yellen's comments on rate hikes. The Sensex is up 39.01 points or 0.1 percent at 27821.26, and the Nifty is up 11.20 points or 0.1 percent at 8583.75. About 172 shares have advanced, 93 shares declined, and 17 shares are unchanged.
The Indian rupee opened lower by 8 paise at 67.14 per dollar versus 67.06 Friday.
The dollar was near a two-week high against the yen after comments from Central Bank chiefs at the weekend reinforced the divergence between monetary policy in the US and other parts of the world.