Stock Market

Nifty opens above 7600, Sensex rises; SBI, GAIL, Wipro gainers


Chillicious Team

9:30 am Market mood: 

After investors survey, Ridham Desai of Morgan Stanley says investors bullishness on Indian stocks has come off even as investors remain overweight on India. It maintains stock picking as their investment strategy, and view positive signals on earnings growth to be the key driver for Indian equities (expecting 12 percent earnings growth in FY17).

According to Desai, investors seem to have taken some money off the table and conviction on market outperformance is down to its lowest level since H2FY13.

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The market has started on positive note Monday. The Sensex is up 60.76 points or 0.2 percent at 25013.50, and the Nifty is up 14.85 points or 0.2 percent at 7619.20. About 346 shares have advanced, 110 shares declined, and 37 shares are unchanged.

SBI, GAIL, Lupin, Sun Pharma and Wipro are top gainers while Hero, Adani Ports, Dr Reddy’s Labs, Infosys and Maruti are losers in the Sensex.

The Indian rupee opened marginally higher at 66.45 per dollar versus 66.50 Friday.

Pramit Brahmbhatt of Veracity said, “The rupee will try to conquer the resistance of 66.20/dollar after touching 66.50/dollar. Global equity market and crude will decide further direction.”

The dollar stayed on the defensive, having extended its losses for a third week in the wake of dovish signals from the Federal

Meanwhile, markets in Asia were mixed morning, with some analysts predicting a quiet week ahead in the absence of major economic data from the US and China, and with many markets off for Good Friday.

Major US indexes closed in the green on Friday, with the Dow Jones industrial average up by 0.69 percent, S&P 500 higher by 0.44 percent and the Nasdaq composite ending 0.43 percent higher.