Sensex, Nifty consolidate; Varun Beverages falls 6% on debut
Equity benchmarks continued to consolidate as investors have maintained cautious stance ahead of the outcome of US elections. Asian markets were mixed in trade.
Tata Motors topped the buying list on Sensex, up nearly 4 percent as Credit Suisse believe the GBP depreciation will drive a multi-year outperformance for the stock (JLR) in a way similar to what happened with the JPY for the Japanese stocks. The brokerage house has upgraded to outperform with increased target price at Rs 720 (from Rs 510 earlier), representing a 40 percent upside.
ICICI Bank gained more than 2 percent after second quarter earnings while BHEL rose 2 percent ahead of Q2 results.
The market has opened on a strong note as autos and IT stocks support. The Sensex is up 126.94 points or 0.5 percent at 27585.93 and the Nifty up 43.15 points or 0.5 percent at 8540.20. About 403 shares have advanced, 87 shares declined, and 23 shares are unchanged.
ICICI Bank, Tata Motors, BHEL, Adani Ports and ONGC are gainers while HUL is the only loser stock in the Sensex.
The Indian rupee has opened flat at 66.72 per dollar on Tuesday against previous close 66.74.
"The countdown to the US Presidential Election results continues. The FBI announcement helped risk assets with dollar index moving higher and equities rallying across globe."