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Equity Tips

Sensex, Nifty slip into red ahead of F&O expiry; autos gain

Equity benchmarks opened Thursday's trade on a flat note after yesterday's record closing high and ahead of expiry of April futures & options contracts.

The 30-share BSE Sensex was up 42.84 points at 30,176.19 and the 50-share NSE Nifty gained 7.60 points at 9,359.45.

Lupin fell nearly 2 percent in opening on USFDA observations for Goa plnat but recovered immediately.

Adani Ports rebounded 1.5 percent after losing 2 percent in previous session. Tata Motors gained momentum further, up over a percent ahead of April sales data due next week.

Kotak Mahindra Bank gained over a percent ahead of earnings later today. HUL, M&M, Hero Motocorp and GAIL were other gainers while Axis Bank, HDFC, ICICI Bank, Bharti Airtel, BPCL, Hindalco and Bharti Infratel fell on profit booking.

The Indian rupee extended gains further as it has opened at 64.05 per dollar today, higher by 7 paise over 64.12 a dollar in previous session.

Global equity markets were continuing to rally reflecting risk-on sentiment and Asian currencies were also rallying on the back of the equity market rally.

The rupee is gaining with strong custodial flows. So he expects the USD-INR pair to trade in a range of 63.90-64.20/dollar for the day.

Markets in Asia were mostly lower following the lower close on Wall Street as investors parsed details on US President Donald Trump's highly-anticipated tax reform plans.

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