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Equity Tips

Sensex opens higher, Nifty reclaims 8750; SBI, TCS lead gainers

Equity benchmarks rebounded in opening on Thursday after two-day losses, supported by PSU banks and technology stocks.

The 30-share BSE Sensex was up 48.32 points at 28203.88 and the 50-share NSE Nifty rose 14.25 points to 8738.95.

SBI gained 2 percent after cabinet approved merger of five associate banks with the bank. State Bank of Bikaner and Jaipur, State Bank of Mysore and State Bank of Travancore rallied 6 percent each.

TCS rose 1.71 percent as the board of directors will consider buyback of shares on February 20.Infosys, Cipla, Tata Motors and Sun Pharma were other gainers while ITC, Bharti Airtel, Aurobindo Pharma, Bharti Infratel, Coal India, ICICI Bank and HDFC Bank were under pressure.

The Indian rupee has opened lower by 4 paise at 66.94 per dollar against previous close of 66.90.Rupee has been resilient on the back of change in monetary policy stance of RBI, he feels. He expects USD-INR to trade in the range of 66.70-67 for the day.

The dollar retreated from 1-month high as investors took profits after US data showed robust growth in retail sales and consumer prices in January.

Asia markets traded mixed today, despite US gains as stocks closed at fresh highs for a fifth-straight day despite US overnight gains with Toshiba shares down anew.

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