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Equity Tips

Sensex trades almost flat, Nifty reclaims 9500; ICICI Bank up 2%

Profit booking after a stellar run on Tuesday pushed the indices lower in the opening session, with the Nifty snapping 9500-mark.

The 30-share Sensex was down 46.43 points at 30536.17, while the broader index Nifty was down 20.15 points at 9492.10. The market breadth was narrow as 436 shares advanced against a decline of 357 shares, while 62 shares were unchanged.

Midcaps, banks, auto and pharma indices on the Nifty were lower, while metals surged.

Tata Steel gained over 3 percent on the back of strong Q4 earnings, while TCS and ICICI Bank were the other top gainers. Meanwhile, ITC, Bharti Airtel, Zee Entertainment and Bosch lost the most.

The Indian rupee opened higher by 9 paise at 63.99 per dollar on Wednesday, at highest level since April 27, 2017. It has closed at 64.08 on Tuesday.

"We expect the rupee to consolidate in narrow range of 64-64.20/dollar for the day. Negative US economic data may help the rupee to appreciate. Further upside can be expected below 64/dollar."

The dollar index slipped to the weakest in over six months after two US officials said president Donald Trump disclosed highly classified information to Russia's foreign minister about a planned Islamic state operation. Concerns that political turmoil would diminish the prospect for pro-growth fiscal policies pushed the euro more than 1 percent higher versus the greenback.

Equities in Asia lost ground on Wednesday, with Dow futures tumbling and the safe-haven yen climbing amid political and legal turmoil surrounding US President Donald Trump.

"Investors are deeply concerned that all the political noise will morph into economic risk as the political back-fence talk, speculation and dirty laundry could detract from Trump's key agenda: Tax reform," Stephen Innes, senior trader at OANDA, said in a note on Wednesday.

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