INDIAN EQUITY MARKET OUTLOOK - 3 May 2017
Sensex consolidates ahead of FOMC meet outcome; RBL Bank most active
Equity benchmarks as well as broader markets opened higher on Wednesday despite mixed Asian cues. Investors awaited the outcome of two-day Federal Reserve Policy meeting due tonight.
The 30-share BSE Sensex was up 75.63 points at 29,996.81 and the 50-share NSE Nifty gained 23 points at 9,336.80. About 682 shares advanced against 194 declining shares on the BSE.
Bajaj Auto, NTPC, L&T, Hero Motocorp, ONGC, Power Grid, Bharti Infratel, BPCL and IOC were early gainers while ITC, Maruti, Sun Pharma, TCS, HDFC, Eicher Motors and Indiabulls Housing were under pressure.
The rupee opened 9 paise higher against the dollar at 64.12, as exporters and custodian banks sold the greenback in early trade.
Analysts attributed this intraday correction to the Reserve Bank of India (RBI) intervening to stem the rise of the rupee.
“The bias on the rupee is still positive,” said a dealer with a foreign bank.
“It is quite likely that we could see another sustained rally from here on.”
Asian markets were mixed, as gains on Wall Street overnight were offset by disappointment with Apple earnings, with traders looking ahead to the US Federal Reserve meeting results.