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Tuesday, September 27, 2016

Equity Tips

Nifty rangebound ahead of F&O expiry; Midcap outperforms again

Equity benchmarks remained rangebound with the Nifty holding 8700 level ahead of expiry of September futures & options contracts due on Thursday. The market shrugged off weak Asian cues.

Asian markets were mostly lower, despite gains in the US market on the back of the first presidential debate and a beat on consumer confidence. Japan's Nikkei fell 1.6 percent followed by China's Shanghai and Hong Kong's Hang Seng.

The market has made a flat opening with the Sensex up 49.91 points or 0.2 percent at 28273.61. The Nifty is up 6.25 points at 8712.65. About 180 shares have advanced, 58 shares declined, and 15 shares are unchanged.

Adani Ports, ONGC, Bajaj Auto, Hero MotoCorp and GAIL are top gainers in the Sensex. Among losers are HDFC, Lupin, Asian Paints, Sun Pharma and Infosys.

The Indian rupee opened higher by 4 paise at 66.44 per dollar on Wednesday versus previous close of 66.48.

"The rupee will continue to trade with a positive bias on the back of an overall weak outlook for dollar and in anticipation of rebound in the domestic equity market."

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