Nifty reclaims 8900, Sensex firm in early trade; Idea slips 3%
Tue Feb 28 2017
Rajesh Sharma (2003 articles)

Nifty reclaims 8900, Sensex firm in early trade; Idea slips 3%

9:49 am New business segment:Tata group firm Titan Company said it has forayed into premium sarees and women’s ethnic wear category under the brand name “Taneira”.

The company has opened its first Taneira store at here that has a collection of handwoven sarees and ethnic wears from across the country with products ranging up to Rs 2.5 lakh.

Taneira is in its pilot phase and the company will decide on its further growth plans in a year’s time, Titan Company Limited Senior Vice President (Strategy and Business Incubation) Ajoy H Chawla said.

“We are right now in pilot to explore, experiment and learn to figure out how we can make a difference to the consumer and this category, and how to also build a profitable business model around,” he told PTI.

9:35 am Buzzing: Telecom operator Idea Cellular shares fell 6.5 percent in early trade after one of its non-promoter shareholder exited the company by selling entire shareholding.

About 12 crore equity shares worth Rs 1,331 crore traded on BSE & NSE at Rs 110.30-110.45 apiece via block deals.

With this block deal, Providence exited Idea by selling its 3.3 percent stake.

Also read – Buy, sell, hold: 5 stocks that you can focus today

9:15 am Market Check

Benchmark indices started off the day on a flat note Tuesday as investors awaited third quarter GDP data due later today.

The 30-share BSE Sensex was up 1.32 points at 28814.20 and the 50-share NSE Nifty rose 0.05 points to 8896.75.

Cipla, ONGC, Tata Motors, GAIL, NTPC, Tech Mahindra, Bharti Infratel, Aurobindo Pharma and Grasim were early gainers while ITC, Bajaj Auto, Infosys, Sun Pharma, Reliance Industries, BPCL and Hindalco were losers.

The Indian rupee opened marginally lower at 66.74 per dollar today against previous close of 66.70.

Bhaskar Panda of HDFC Bank says US pending home sales data for January was disappointing. The markets are also awaiting details of President Trump’s tax related declarations. As a result, the dollar index has been below the 101 mark.

The USD-INR pair is expected to trade within a range of 66.60-66.80/dollar, he feels.

The dollar was slightly weaker against a basket of currencies as investors worried that a speech by US President Donald Trump would not provide many details on his economic agenda.

Asia markets were mostly higher todasy, tracking US gains, as investors await a key speech from President Donald Trump.

US stocks ended slightly higher on Monday and the Dow closed at a record high for a 12th straight session, as President Donald Trump said he would make a “big” infrastructure statement on Tuesday.

Rajesh Sharma

Rajesh Sharma

Rajesh Sharma is Correspondent for Stock Market of South East Asia based in Mumbai. He has been covering Asian markets for more than 5 years.