Sensex, Nifty rebound amid consolidation; Midcap outperforms
Equity benchmarks recouped early losses with the Nifty firmly getting back above 8500, driven by ICICI Bank, Reliance Industries, ITC, L&T and HDFC.
ICICI Bank and Tata Steel were the biggest gainers on the Sensex, up over 1 percent followed by Reliance Industries, ITC, L&T, HDFC, Maruti Suzuki and HDFC Bank.
The market has once again opened lower dragged by global concerns. The Nifty opened below 8500, down 14.45 points or 0.2 percent at 8499.55 and the Sensex is down 48.92 points or 0.2 percent at 27478.30.
ONGC, Tata Motors, L&T, Axis Bank and Asian Paints are losers in the Sensex. BHEL is the only green stock in the Sensex.
The Indian rupee opened flat at 66.72 per dollar Thursday against previous close 66.71. The dollar dropped, extending the longest losing streak since July, as currency traders seeking a clearer signal that Federal Reserve policy makers are determined to raise rates this year were left disappointed.
Investors are also coping with uncertainty just six days before the tightening US presidential election and two days before the October employment report.
Global markets fear a Donald Trump win in US Presidential election while the Federal Reserve kept interest rates unchanged in its last decision before the polls. The central bank maintained status quo in interest rates but signalled it could hike in December, as equities remained pressured by uncertainty over the impending US elections.