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Sensex, Nifty choppy ahead of Gujarat assembly exit polls

Equity benchmarks rebounded with mild gains in opening on Thursday after Federal Reserve expectedly hiked interest rate by 25 bps. Investors remained cautious ahead of exit polls after the second phase of Gujarat elections today.

The 30-share BSE Sensex was up 46.73 points at 33,099.77 and the 50-share NSE Nifty rose 18 points to 10,211.

Vedanta, ONGC, GAIL, HPCL, Tech Mahindra, Dr Reddy's Labs, Aurobindo Pharma, Infosys, Hero MotoCorp and Ambuja Cements were early gainers while TCS, IndusInd Bank and Maruti Suzuki were losers.

The Nifty Midcap index was up 0.5 percent as about five shares advanced for every share falling on the NSE.Tata Steel said its board will meet next week to consider raising of funds by issuing securities.

A meeting of the company's board will be held on December 18-19 to consider a proposal to raise funds by issue shares or securities, Tata Steel said in a regulatory filing.

The board will consider raising of funds via qualified institutions placement, rights issue, preferential issue or through any other permissible mode, it added.

The rupee looked strong today with a gain of 13 paise at 64.31 against the dollar even as the Federal Reserve raised interest rates by a quarter percentage point.

In her final act as the Fed chair, Janet Yellen moved to hike rates to a range of 1.25 percent to 1.5 percent, citing solid US job growth and household spending. The central bank kept its policy outlook on additional increases for 2018 and 2019 unchanged.

Yesterday, the rupee had lost 4 paise at 64.44 against the American currency ahead of the US Fed's rate call.

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