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Nifty hovers around 10,450, midcap continue to outperform; M&M dips

Equity benchmarks rebounded in opening on Thursday, with the Nifty reclaiming 10,450 level, backed by select auto, technology, metals and pharma stocks.

The 30-share BSE Sensex was up 64.49 points at 33,841.87 and the 50-share NSE Nifty rose 20 points to 10,464.20. About 984 shares advanced against 265 declining shares on the BSE.

Bharti Airtel, Axis Bank, Wipro, IndusInd Bank, ICICI Bank and Kotak Mahindra Bank were early losers. Hero MotoCorp, GAIL, Hindalco, Eicher Motors, Maruti Suzuki and UPL were early gainers

Mahindra and Mahindra was down 1.4 percent as stock trades ex-bonus today. Nifty Midcap was up 0.5 percent.

Reliance Nippon, Pidilite Industries, PVR, Ajanta Pharma, Reliance Communications, Monnet Ispat, Gokaldas Exports, Videocon Industries, Wockhardt and Unitech rallied 1-6 percent while Bank of India and Motherson Sumi were down 1 percent each.

Pidilite Industries has informed exchanges that a meeting of the board of directors will be held on December 26 to consider the proposal to buyback the fully paid-up equity shares of the company.

The trading window of the company will remain closed with immediate effect and shall re-open only after 48 hours from the announcement of outcome of the Board Meeting to Stock Exchanges, it said.

The rupee wiped out early gains to trade flat at 64.11 against the dollar today after the US Congress gave its final seal of approval to a sweeping tax legislation.

In the opening session, the domestic unit went up 10 paise to 64.01.Yesterday, it had lost 7 paise at 64.11 against the US currency due to dollar demand from importers.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
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