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Equity Tips

Sensex consolidates, Nifty hovers around 8700; IT stocks slip

The market has opened flat with positive bias Monday. The Sensex is up 57.69 points or 0.2 percent at 28134.87 and the Nifty is up 14.35 points or 0.2 percent at 8707.40. About 238 shares have advanced, 49 shares declined, and 14 shares are unchanged.

Sun Pharma, ITC, ICICI Bank, SBI and GAIL are top gainers while Wipro, Bharti Airtel, TCS and Hero MotoCorp are losers in the Sensex.

The Indian rupee opened flat at 66.90 per dollar on Monday versus 66.89 Friday.

"Expectation of rate hike by US Fed is clearly reflecting in a stronger dollar index, which will continue to put its peers under pressure. Thus rupee too will remain under pressure."

"The USD-INR pair is expected to trade in a range of 66.80-67.20/dollar,"

The dollar rose to its highest level since early February against a basket of currencies, boosted by higher expectations of a Federal Reserve interest rate hike this year and by the euro weakening to seven-month lows.

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