Nifty turns flat after opening at record high; GAIL, Gujarat Gas soar
The NSE Nifty turned flat after opening at fresh record high on Tuesday as investors looked for cues from two-day monetary policy meeting of Federal Reserve that will begin tonight.
The 30-share BSE Sensex was up 8.83 points at 32,432.59 and the 50-share NSE Nifty gained 6.20 points at 10,159.30.
The rupee dropped marginally against the US currency to 64.14 in early trade today on some dollar demand from importers and banks.
The rupee opened lower by 5 paise at 64.18 against the last close of 64.13 at the interbank foreign exchange. It moved in a range of 64.18 to 64.13 in early trade before quoting at 64.14, down by 1 paise, at 0930hrs.
Forex dealers said dollar demand from banks and importers weighed on the rupee.
Mahesh Nandurkar of CLSA said meetings with investors at the CLSA Investors' Forum revealed that India has not remained as much of an overweight market today as it used to be 12-24 months ago.
Foreign flows have been weak and continued strong domestic flows have helped market performance and valuations, which he believes will continue to be the case in the visible future.
He said a process of slow normalisation post GST is now underway and should partially help the September quarter results.
Low base should help YoY performance in the subsequent three quarters, he added.
Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
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