Sensex recovers, Nifty firm above 8600; Tata Motors, DRL lead
Equity benchmarks recovered early losses with the Nifty rising over 8600 level on first day of November series. Select Tata Group stocks like Tata Motors (up 2.6 percent) and Tata Steel (up 1.7 percent) rebounded sharply on short covering after sharp sell-off in previous three consecutive sessions due to Tata-Mistry issue.
Tech Mahindra maintained its rally of 6 percent after strong dollar revenue growth of 5 percent QoQ in constanct currency.
The market has opened lower as the Sensex is down 82.48 points or 0.3 percent at 27833.42. The Nifty is down 18.60 points or 0.2 percent at 8596.65. About 557 shares have advanced, 268 shares declined, and 48 shares are unchanged.
ONGC, Tata Motors, Maruti, Hero and Axis Bank are top gainers while HDFC, ICICI Bank, GAIL, Asian Paints and Bharti Airtel are losers in the Sensex.
The Indian rupee opened marginally lower at 66.89 per dollar on Friday against previous close 66.86.
"The USD-INR pair, despite global dollar strength, continues to trade around the 67/dollar level, with aggressive intervention from Central Bank keeping it in a tight range."
Asian markets turned mixed after opening positive, as oil prices begin to slip after an initial bounce in the US on OPEC comments.