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Sunday, September 25, 2016

Equity Tips

Sensex, Nifty under pressure; GNA Axles lists at 22% premium

Equity benchmarks remained under pressure on weak Asian cues but the broader markets outperformed.

Reliance Industries, TCS, L&T, Dr Reddy's Labs, Tata Steel and Coal India gained 0.5-1.5 percent while ICICI Bank, HDFC and ITC fell 1-2 percent.

The market has opened low dragged by profit booking and weak global cues. The Sensex is down 148.90 points or 0.5 percent at 28519.32 and the Nifty is down 46.45 points or 0.5 percent at 8785.10. About 435 shares have advanced, 444 shares declined, and 69 shares are unchanged.

TCS, Reliance, Dr Reddy's Labs, Sun Pharma and Lupin are top gainers while Tata Motors, ICICI Bank, ITC, Adani Ports and HDFC are losers in the Sensex.

The Indian rupee opened lower by 10 paise at 66.75 per dollar on Monday versus 66.65 Friday.

"The rupee recovered from 67/dollar levels on global cues and performance of Indian equity market. It is expected to trade in range of 66.20-66.80/dollar today." The dollar index edged higher on Friday, reversing earlier selling, after Boston Federal Reserve president Eric Rosengren said he believed US short-term interest rates should be raised now and warned a decline in the jobless rate below sustainable levels could derail economic recovery.

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