INDIAN EQUITY MARKET OUTLOOK - 30 Mar 2017
Nifty climbs above its record closing high, Sensex rises 100 pts
Equity benchmarks started off trade on a flat note Thursday ahead of expiry of March futures & options contracts. However, the broader markets outperformed benchmarks.
The 30-share BSE Sensex was up 39.50 points at 29,570.93 and the 50-share NSE Nifty gained 3.65 points at 9,147.45. About 824 shares advanced against 244 declining shares on the BSE.
SBI, Reliance Industries, Hero Motocorp, Adani Ports, BHEL, Bank of Baroda and IndusInd Bank were early gainers while Axis Bank, Tata Motors, Bharti Airtel, M&M, TCS, HCL Tech and Bharti Infratel were losers.
The Indian rupee extended gains today, opening at 64.87 against the US dollar, up 3 paise over 64.90 level in previous session.
Mohan Shenoi of Kotak Mahindra Bank says macro data emanating from US continues to be robust keeping the dollar strength intact. The rupee is resilient on the back of FII flows into bonds and equity, he adds.
He expects the USD-INR to trade in a range of 64.80-65.10/dollar for the day.
The dollar hovered near a one-week high against a basket of currencies, buoyed by a weaker euro which sagged as prospects of the European Central Bank stepping away from monetary easing faded.
Asian shares fell after a mixed start, amid uncertainty over the UK's exit from the European Union, as the dollar strengthened and crude oil prices slipped.