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Equity Tips

Sensex continues to fall, Nifty opens below 8900; Infosys falls

Equity benchmarks continued downtrend amid consolidation as investors awaited assembly elections results due next week, tracking weak global cues. The 30-share BSE Sensex was down 63.46 points at 28776.33 and the 50-share NSE Nifty fell 20.05 points to 8879.70.

Infosys, ITC, Asian Paints, Tata Steel, TCS, Kotak Mahindra Bank, Bosch and Bank of Baroda were under pressure while Reliance Industries, Tata Motors, Bharti Airtel, Axis Bank, Dr Reddy's Labs, Hindalco, Bharti Infratel, Grasim and UltraTech Cement were gainers.

The Indian rupee slipped in the early trade on Friday. It has opened lower by 17 paise at 66.87 per dollar versus previous close of 66.70.

However, the USD-INR pair continues to defy the overall dollar strength, but the gains have been capped by strong intervention, he adds.

He expects the pair to trade in a 66.70-67 dollar range today.The dollar gained to seven-week highs against a basket of currencies, after hawkish comments by a Federal Reserve official encouraged investors to expect a near-term interest rate hike.

Asia markets traded lower today, following an overnight decline in US equities but the Dow Jones industrial average still closed a touch above the 21,000 level.

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