Market Live: Sensex rebounds, Nifty above 9050 amid sideways trade in global peers
Thu Mar 23 2017
Ramesh Sridharan (877 articles)

Market Live: Sensex rebounds, Nifty above 9050 amid sideways trade in global peers

10:00 am Market Check: Equity benchmarks were off day’s high in morning due to correction in ITC and HDFC Bank. However, other heavyweights L&T, Reliance Industries, HDFC and Infosys continued to support market.

The 30-share BSE Sensex was up 66.47 points at 29,234.15 and the 50-share NSE Nifty rose 18.65 points to 9,049.10.

Ajay Srivastava, CEO of Dimensions Consulting believes that the market is waiting for a trigger now.

“A major trigger could be results…. the market is waiting for a confirmation from a first few results,” he told CNBC-TV18 in an interview. This will then decide the next upward or downward movements, he added.

The broader markets continued to outperform benchmarks, with the Nifty Midcap rising half a percent. About three shares advanced for every share falling on the BSE.

9:42 am F&O additions: The National Stock Exchange on Wednesday introduced futures and options (F&O) contracts in 15 individual securities. These stocks will be available for trading from March 31, 2017.

Reliance Defence, InterGlobe Aviation, PVR, among others will be included in the list. Among financials, Capital First, Muthoot Finance, Equitas Holdings, Ujjivan Financial Services, Max Financial Services and Indian Bank will be included in the list.

Dalmia Bharat, Infibeam Incorporation, Suzlon Energy, Piramal Enterprises, Escorts, and Shree Cements are the other stocks to be included.

9:29 am FII View: Mixo Das of Nomura says Asian equities have posted solid gains this year, against Nomura expectations of a more substantial correction since early February.

He further says investor feedback indicated there is no better time to be bullish than during a simultaneous growth acceleration in all major economies.

A high likelihood of US dollar weakness and generally benign political outcomes seen as positives, he adds.

Das says consensus is compared to other asset classes, equities still look attractively valued. However, Nomura continues to see risk-reward unfavourable on balance, and maintain cautious view on Asian equities, he adds.

Also read – Buy, Sell, Hold: Which stocks are analysts tracking today?

9:15 am Market Check: Equity benchmarks opened sharply higher on Thursday after sell-off in previous session but immediately came off day’s high amid sideways trade in global peers.

The 30-share BSE Sensex was up 76.94 points at 29,244.62 and the 50-share NSE Nifty gained 22.85 points at 9,053.30 while the broader markets outperformed, rising half a percent.

L&T, Tata Motors, Infosys, Axis Bank and ICICI Bank were top five contributors to Sensex’ gains while heavyweights ITC and HDFC Bank were moderately lower.

The Indian rupee opened marginally higher at 65.40 per dollar against previous close of 65.44.

Mohan Shenoi of Kotak Mahindra Bank says the rupee continues to be resilient against the dollar. The USD-INR trading range for the day is seen between 65.30 and 65.60, he feels.

In the currency space, the dollar nudged up from four-month lows against the yen in early trade today, although analysts say US President Donald Trump’s struggle to push through a healthcare bill could weigh on any recovery in the greenback.
Asia markets traded sideways after US equities closed mixed as traders await a key US health care vote in Congress, which is seen as a proxy of US President Donald Trump’s mandate.

Ramesh Sridharan

Ramesh Sridharan

Ramesh Sridharan is our Stock Market Correspondent covering events and daily movements of stock markets in Asia. He is based in Mumbai