Nifty opens above 8900, Sensex higher; Reliance jumps 5%
Benchmark indices gained further in early trade amid consolidation, with the Nifty opening above 8900 level led by Reliance Industries and Tata Motors.
The 30-share BSE Sensex was up 56.82 points at 28818.41 and the 50-shbare NSE Nifty rose 14.05 points to 8921.90. About 522 shares advanced against 238 declining shares on the BSE.
Tata Motors, BHEL, ONGC, Axis Bank, BPCL and Bharti Infratel were early gainers while GAIL, Hero Motocorp, Tata Steel, Infosys, Wipro, Idea Cellular, Aurobindo Pharma and Eicher Motors were losers.
Reliance Industries shares surged 5 percent, the leading driver for the market today, as Goldman Sachs says top 10 percent of Indian mobile subscribers will likely view Reliance Jio's offers as attractive after the announcement of new tariff plans by Mukesh Ambani, Chairman & Managing Director.
The Indian rupee opened marginally lower at 66.95 per dollar today against Monday's close of 66.92.
HDFC Bank says the USD/INR currency pair continues to hover around the 67/dollar level tracking the global risk on sentiment, with gains getting capped by suspected intervention.
He expects the pair to trade in 66.80-67.10/dollar range for today.
Dollar index rose against a basket of currencies, following hawkish comments from Federal Reserve officials, while european political uncertainty also boosted the dollar.
Markets in Asia traded mixed, despite US gains, as investors await policy details from the Trump administration on tax reforms and deregulation.
US stocks rose to fresh record highs on Tuesday, boosted by strong earnings reports from Wal-Mart and Home Depot and continued optimism about the economic agenda of President Donald Trump.