INDIAN EQUITY MARKET OUTLOOK - 21 Feb 2018
Sensex, Nifty give up some gains post gap-up opening; IT gains post rupee move
The equity market has begun the day on a positive note, with the Sensex gaining over 100 points, while the Nifty reclaimed 10,400.
The Sensex is up 168.98 points or 0.50% at 33872.57, while the Nifty is up 46.60 points or 0.45% at 10407.00. The market breadth is positive as 358 shares advanced, against a decline of 138 shares, while 81 shares are unchanged.
Almost all sectoral indices are trading in the green, with IT and PSU banks being top gainers. Meanwhile, midcaps are also trading positive.
In case of stocks, IT stocks are reacting positively to the rupee's depreciation. TCS and Infosys are among Sensex gainers. Coal India, Sun Pharma and ONGC are the top losers.
In the currency market, rupee opened lower by 11 paise at 64.90 per dollar on Wednesday versus previous close 64.79.
"Rupee will trade with a negative bias on back of stronger dollar as well as weakness in the domestic equity market. 64.80 is the immediate support for the rupee and more weakness can be seen beyond the support."
"The trading range for the spot USD-INR is expected to be 64.50-65," he added.
The US dollar rose to a six-year high as it extends the rebound from a three-year low helped by rising treasury yields and profit-booking by forex traders.
Among global markets, stock markets dipped after a long winning run on Wall Street ended overnight, while the dollar gained momentum on Wednesday as yields on US Treasury debt headed for highs not seen in four years.
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