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Equity Tips

Sensex opens 0.25% higher, Nifty above 9400; Tata Motors up 4%

Benchmark indices opened on a positive note on Wednesday, with the Nifty reclaiming 9400-mark in the first tick.

The Sensex was up 71.86 points at 30437.11, while the Nifty was up 22.65 points at 9408.80. The market breadth was positive, but narrow, as 267 shares advanced against a decline of 145 shares, while 36 shares were unchanged.

Tata Motors gained around 4 percent on the back of stellar results, followed by Adani Ports and Tata Motors DVR. Meanwhile, Bharti Airtel, Lupin and Bharti Airtel lost the most.

The Indian rupee on Wednesday opened at 64.91 to the dollar, 2 paise weaker than its previous close of 64.89.

"Pessimism which persists in the domestic equity market will be the reason for rupee to depreciate. The spot USD-INR pair will trade in a range of 64.80-65.20/dollar today."

Globally, major indexes in Asia opened higher on Wednesday as investors looked ahead to US Federal Reserve views on interest rate hike prospects and await an upcoming OPEC meeting widely expected to extend production cuts for nine months to March 2018.

Markets are awaiting the release of minutes from the Fed's for its last meeting on Wednesday in the US for details on the probability of a rate hike in June. More information from the Fed on how it intends to unwind its balance sheet is also expected.

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