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Equity Tips

Sensex off early high, Midcap outperforms; L&T gains, ITC drags

Equity benchmarks were off day's high in morning due to correction in ITC and HDFC Bank. However, other heavyweights L&T, Reliance Industries, HDFC and Infosys continued to support market.

The 30-share BSE Sensex was up 66.47 points at 29,234.15 and the 50-share NSE Nifty rose 18.65 points to 9,049.10.

A major trigger could be results…. the market is waiting for a confirmation from a first few results,"

Equity benchmarks opened sharply higher on Thursday after sell-off in previous session but immediately came off day's high amid sideways trade in global peers.

L&T, Tata Motors, Infosys, Axis Bank and ICICI Bank were top five contributors to Sensex' gains while heavyweights ITC and HDFC Bank were moderately lower.

The Indian rupee opened marginally higher at 65.40 per dollar against previous close of 65.44.

Rupee continues to be resilient against the dollar. The USD-INR trading range for the day is seen between 65.30 and 65.60,

In the currency space, the dollar nudged up from four-month lows against the yen in early trade today, although analysts say US President Donald Trump's struggle to push through a healthcare bill could weigh on any recovery in the greenback.

Asia markets traded sideways after US equities closed mixed as traders await a key US health care vote in Congress, which is seen as a proxy of US President Donald Trump's mandate.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
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