Nifty holds 8200 amid consolidation; RIL & ONGC jump, Maruti up
The market has opened firm as the Sensex is up 79.42 points or 0.3 percent at 26732.23. The Nifty is up 19.50 points or 0.2 percent at 8244.00. About 424 shares have advanced, 104 shares declined, and 28 shares are unchanged.
ONGC, Cipla, Axis Bank and HDFC twins are gainers while Tata Motors, Bharti, ITC, Bajaj Auto and Infosys are losers in the Sensex.
The Indian rupee slipped in the early trade. It has opened lower by 10 paise at 68.48 per dollar versus previous close 68.38.
Auto stocks are likely to be in focus today as November sales data will be announced. Demonetisation may hit auto sales as retail growth is expected to be sharply lower for all companies. Medium and heavy commercial vehicles (MHCV) segment may be impacted the most. Analyst expect 30 percent drop in retail volumes and passenger vehicle industry may see 20 percent drop in retail sales.
Asian markets opened on a positive note early after OPEC reached its first deal since 2008 to cut oil production. Australia's ASX 200 was up 0.58 percent, with strong gains in its energy sub-index, which climbed 6.76 percent and its materials sub-index, which was up 2.14 percent.