INDIAN EQUITY MARKET OUTLOOK - 31 Jan 2018

Sensex opens lower, Nifty holds 11,000; IOC, Bharti Airtel gain

The market began the session on a mildly lower note, with the Nifty holding 11,000-mark.

The Sensex is down about 25.75 points or 0.07% at 36,007.98, while the Nifty was down 9.90 points or 0.09% at 11039.80. The market breadth still continues to be negative as 413 shares advanced, against a decline of 639 shares, while 140 shares are unchanged.

Bharti Airtel, Tata Steel, and Indian Oil gained the most on both the indices, while Hindustan Unilever, Dr Reddy’s Laboratories and Indiabulls Housing were the top losers.

Midcaps continued to be weak, with the Nifty midcap index trading around 0.40 percent lower.

The Indian rupee opened lower at 63.67 per dollar on Wednesday versus previous close 63.60."On the back of negative cues from domestic equity market, the rupee will remain under pressure."

"We expect the USD-INR pair to trade in a range of 63.50-64," he added.

Asia stocks eased on Wednesday, pulling further back from record highs, as the recent rise in global bond yields weighed on equities.

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