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Equity Tips

Nifty consolidates; D-Mart doubles on debut at Rs 610, Dr Reddys down 4%

Equity benchmarks started off trade moderately higher amid consolidation on Tuesday due to lack of domestic as well as global cues.

The 30-share BSE Sensex was up 43.61 points at 29,562.35 and the 50-share NSE Nifty gained 16.45 points at 9,143.30. About 522 shares advanced against 212 declining shares on the BSE.

ITC, L&T, Coal India, ONGC, Infosys, Bharti Infratel and HCL Technologies were early gainers while Dr Reddy's Labs, Axis Bank, Bharti Airtel, M&M, GAIL, Idea Cellular and Hindalco were under pressure.

Divi's Labs shares tanked 17 percent after the US Food and Drug Administration has issued an import alert for its Visakhapatnam unit-II.

The Indian rupee opened marginally lower at 65.39 per dollar versus previous close of 65.36.

USD-INR pair has been consolidating in a narrow range of 65.30-65.50/dollar, supported on the downside by importer purchases and intervention.

The pair is expected to trade within a range of 65.25-65.45/dollar for today, he feels.

The dollar remained in a defensive mode after Chicago Federal Reserve President Charles Evans reinforced the perception that the US Central Bank won't accelerate the pace of its interest rate hikes.

Asian equities traded mixed, after the Reserve Bank of Australia released its March meeting minutes and the dollar continued to weaken.

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