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Equity Tips

Market cautious ahead of exit polls data; Tata Tele down 6%

Benchmark indices opened lower, with the Nifty breaking 8900 in early trade as investors remained cautious ahead of exit polls for assembly elections later today.

The 30-share BSE Sensex was down 86.46 points at 28815.48 and the 50-share NSE Nifty fell 21.90 points to 8902.40.

GAIL and Dr Reddy's Labs were top losers among Sensex and Nifty stocks, down 3 percent followed by BHEL, ONGC, HUL, Wipro and Infosys.

Asian Paints, Hero Motocorp, Maruti Suzuki, Sun Pharma, Bajaj Auto, BPCL and TCS were early gainers.

The Indian rupee opened lower by 11 paise at 66.81 per dollar versus previous close of 66.70.

"A US Fed rate hike in March looks almost certain and currency markets seem to have fully priced it in. The rupee however is resilient on the back of FII flows into Indian equity markets."

He expects the USD-INR pair to trade in a range of 66.70-67/dollar for the day.

Asian equities were a mixed picture, as traders digest China's February inflation data and track crude oil prices.

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