Sensex gains over 100 points, Nifty nears 9900-mark; midcaps outperform
Equity benchmark indices opened on a mildly positive note as the Street is seen waiting for the Reserve Bank of India’s MPC meet outcome later in the day.
The Sensex was up 23.25 points at 31520.63, while the Nifty was up 12.45 points at 9871.95. The market breadth was positive as 555 shares advanced against a decline of 186 shares, while 37 shares were unchanged.
Midcaps outperformed the frontline indices, while on the sectoral front, metals took a hit. Positive moves were seen in auto, FMCG and energy stocks.
ITC, Hero MotoCorp, HPCL and IOC were the top gainers, while Bajaj Auto, Tata Motors DVR and Coal India lost the most.
The Indian rupee opened higher by 14 paise at 65.36 per dollar on Wednesday versus previous close 65.50.
"After consolidation, the rupee will trade with a neutral to negative bias. I expect the USD-INR pair to trade in a range of 65.20-65.80."
Dollar eased in trade as the rally triggered by strong US data fizzled on speculation that US president Donald Trump's choice for the next Fed chair may be a less hawkish candidate than previously thought.
In global markets, Asia is set for a mixed trading day on Wednesday, even after US equities closed higher overnight.
Shares of major oil marketing companies (OMCs) opened positively in the opening tick on Wednesday after the government reduced the basic excise duty on petrol and diesel (both branded and unbranded) by Rs 2 a litre with effect from October 4, 2017.
Hindustan Petroleum Corporation (HPCL) jumped 3.42 percent at opening on Wednesday, while Bharat Petroleum Corporation (BPCL) jumped 1.76 percent. Indian Oil Corporation (IOC) also gained 2.26 percent.
Late on Tuesday, the finance ministry said that the decision was taken in a bid to cushion the impact of the rise in global crude oil prices and to protect the interests of the common man.
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