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Wednesday, September 7, 2016

Equity Tips

Nifty hovers around 8900; Tata Steel up 4%, SpiceJet most active

Equity benchmarks continued to consolidate for second consecutive session with the Nifty hovering around 8900 level due to lack of cues.

TCS fell 5 percent after the company warned, saying it sees sequential loss of momentum in BFSI vertical in the US and is holding back of discretionary spending seen in BFSI vertical in the US. The news hit IT stocks sentiment with HCL Technology, Infosys and Wipro falling 2.7 percent, 2.75 percent and 1.75 percent, respectively.

The matket has opened in red with the Nifty struggling to hold 8900. The 50-share index is down 13.55 points or 0.1 percent at 8904.40 and the Sensex is down 44.70 points or 0.15% at 28881.66. About 497 shares have advanced, 263 shares declined, and 42 shares are unchanged.

The Indian rupee snapped two-day winning streak. The currency has opened at 66.47 a dollar, down 11 paise compared with 66.36 per dollar on Wednesday.

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