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Wednesday, February 1, 2017

Equity Tips

Sensex, Nifty open flat a day after Budget; M&M falls 2%

The 2017-18 Union Budget has the shortest list of bad news for the markets in nearly two decades, said Ridham Desai, Head of India Equity Research and India Equity Strategist

Equity benchmarks started off Thursday's trade on a flat note after yesterday's 486 points rally on the Sensex driven by Budget.

ITC, ICICI Bank, NTPC, SBI, ONGC, NTPC and BPCL gained further in early trade, up 0.5-2 percent while M&M fell 2 percent after a 10 percent decline in auto sales in January.

The Indian rupee gained in early trade today. It has opened higher by 4 paise at 67.44 per dollar.

On Wednesday, the rupee ended at 67.48 per dollar, up 39 paise against Tuesday's close 67.86. It was a biggest single session gain reported by the rupee since May 25, 2016.

"As expected, US Federal Reserve has maintained status quo. Odds of dollar weakness is increasing despite strong data from US on account of statements from the Trump administration."

The dollar index slipped against a basket of major currencies as the Fed opts to leave rates unchanged.

Asian markets were trading lower, with the Hang Seng and Straits Times falling 0.6 percent each.

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