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Equity Tips
Sensex, Nifty higher post Fed statement; Coffee Day sinks

Equity benchmarks opened marginally higher on Thursday after Federal Reserve monetary policy meeting.

The 30-share BSE Sensex was up 42.42 points at 32,442.93 and the 50-share NSE Nifty rose 10.95 points to 10,152.10.

Tata Steel, Dr Reddy's Labs, Sun Pharma, Lupin, Hindalco, Infosys, HCL Technologies and Reliance Industries gained up to 2 percent.

TCS, Bank of Baroda, ICICI Bank and Ambuja Cements were under pressure in early trade.

Nifty Midcap was up 0.12 percent on positive breadth. About two shares advanced for every share falling on the NSE.

The US Federal Reserve left interest rates unchanged on Wednesday but signalled it still expects one more increase by the end of the year despite a recent bout of low inflation.

The Fed, as expected, also said it would begin in October to reduce its approximately USD 4.2 trillion in holdings of US Treasury bonds and mortgage-backed securities acquired in the years after the 2008 financial crisis.

Shares of OM Metals Infraprojects touched 52-week high of Rs 80.50, adding more than 18 percent intraday on the back of share acquisition by Porinju's firm Equity Intelligence.

On September 20, 2017 Equity Intelligence India [PMS], where Porinju Veliyath is a Founder & CEO, has bought 7,30,000 shares (0.75 percent) at Rs 62.70. Also, EQ India Fund bought 5,75,000 shares at Rs 62.24 of the comapny.

Income Tax Department has conducted a search operations at multiple locations of Cafe Coffee Day, the leading retail coffee chain in India.

Search operations are underway at residence of VG Siddhartha, CMD of the Cafe Coffee Day.Coffee Day Enterprises shares fell nearly 5 percent.

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