Sensex, Nifty, Midcap off day's high; L&T slips ahead of Q2 nos
Equity benchmarks as well as broader markets erased more than half of early gains as traders seem to be using 'sell on rally' strategy due to uncertainty after demonetisation and fears of likely Fed rate hike in December policy meet.
The market has opened on a strong note. The Sensex is up 177.55 points or 0.7 percent at 25942.69 and the Nifty is up 61.70 points or 0.8 percent at 7990.80. About 363 shares have advanced, 78 shares declined, and 17 shares are unchanged.
M&M, ONGC, Tata Motors, Bajaj Auto and SBI are top gainers.
The Indian rupee opened marginally higher at 68.13 per dollar versus previous close 68.16.
The dollar slipped after rising 10 straight days. As investors consolidated gains fueled by the election of a new republican president who is expected to adopt fiscal policies leading to interest rate increases.
US stocks climbed to close at a record and European equity markets also moved higher as a jump in oil prices helped spur gains in the energy sector.
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