Banks, FMCG help Nifty stay in green ahead of F&O expiry
Equity benchmarks remained in a positive terrain in morning ahead of expiry of March derivative contracts, backed by banks and FMCG stocks.
Picking up from where it previously left, the market opened on a higher note, tracking global cues and steady domestic developments around GST as well.
The 30-share BSE Sensex was up 71.07 points at 29,480.59 and the 50-share NSE Nifty rose 22.80 points to 9,123.60. About 751 shares advanced against 204 declining shares on the BSE.
Bharti Infratel, Tata Power, Axis Bank, Bharti Airtel, Tata Steel, L&T and SBI were early gainers while Wipro, Adani Ports, Reliance Industries, GAIL, Tata Motors and BPCL were losers.
The Indian rupee gained past USD 65 against the US dollar for the first time since October 28, 2015. It closed at 65.04 to the dollar in previous session.
Rupee is expected to take cues from the equity market and the FPI flows. There could be month and quarter-end demand from the importers which could be balanced by the FPI flows,
He expects the rupee to trade in a range of 64.90-65.35/dollar today.
The dollar pulled away from 4 month lows against currency basket as solid data backed expectations for more US Interest rate hikes this year, sterling was knocked by concern about Britain's impending exit from the European Union.
Asia markets were mostly higher, after US equities rose higher on the back of a strong consumer confidence survey with markets awaiting the formal move by the UK to start an historic split with the European Union.