Sensex erases opening gains, Nifty hovers around 9650; IT stocks drag
Equity benchmarks extended gains in opening trade Thursday, with the Nifty eyeing 9700 level despite cautious trade in global peers ahead of UK elections and Comey testimony.
The 30-share BSE Sensex was up 52.93 points at 31,324.21 and the 50-share NSE Nifty gained 18.50 points at 9,682.40.
Tata Steel topped the buying list among Sensex stocks, up nearly 4 percent followed by Dr Reddy's Labs, HDFC, Tata Motors, Lupin, Aurobindo Pharma and Hindalco.
TCS, GAIL, ONGC, ITC, Infosys, Tata Power and Bharti Infratel were under pressure.
The Indian rupee retreated against the US dollar in early trade. It opened at 64.40, down 7 paise compared with previous closing level of 64.33 a dollar.
Rupee closed marginally stronger in previous session (9 paise higher) on the back of inflows and dovish monetary policy.
However global markets are expected to be cautious today in view of the ECB meeting, UK elections and Comey testimony, according to him.
Asian markets traded sideways ahead of key risk events later in the day, with apparent land-to-ship missiles fired by North Korea in the morning added to the mix.
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