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Wednesday, September 28, 2016

Equity Tips

Nifty, Midcap remain higher; ICICI Prudential lists at Rs 329

Equity benchmarks as well as broader markets remained higher on positive global cues and ahead of expiry of September futures & options contracts.

Reliance Industries and ONGC remained strong, rising 1-2 percent whereas ICICI Bank fell nearly a percent after subdued listing of insurance subsidiary.

ITC, HUL, Axis Bank, Bharti Airtel, Wipro and Dr Reddy's Labs were down 0.3-0.8 percent. ICICI Prudential Life Insurance Company saw subdued listing today. The stock has opened at Rs 329 apiece, a 1.5 percent discount to issue price of Rs 334.

The market has opened higher on September Futures and Options (F&O) expiry, mainly supported by firm global cues.  There is a positive sentiment in the market on oil price rally after Organization of the Petroleum Exporting Countries (OPEC) members agreed to curb output - boosting investor risk appetite. The OPEC agreed to limit its production to a range of 32.5-33.0 million barrels per day (bpd) in talks held on the sidelines of an energy conference in Algeria.

The Sensex is up 144.05 points or 0.5 percent at 28436.86, and the Nifty up 45.65 points or 0.5 percent at 8790.80. About 393 shares have advanced, 51 shares declined, and 36 shares are unchanged.

The Indian rupee opened marginally higher at 66.44 per dollar on Thursday against previous close 66.46.

Asian stocks gained. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.6 percent.

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