Stock Market

Sensex, Nifty flat; BHEL climbs 4%, ICICI & ITC laggards


Chillicious Bureau

9:20 am Market check:

The Sensex is down 3.13 points at 28047.75, and the Nifty is down 3.40 points at 8674.50. About 840 shares have advanced, 332 shares declined, and 53 shares are unchanged.

BHEL is up over 4 percent while GAIL, Sun Pharma, Lupin and Wipro are gainers. ICICI Bank, ITC, Tata Motors, Bharti Airtel and Adani Ports are top losers in the Sensex.

Don’t miss: Buy, sell, hold: 7 stocks analysts recommend to watch out

The market has opened in greeen with the Nifty still below 8700. The 50-share index is up 17.75 points or 0.2 percent at 8695.65 and the Sensex is up 63.66 points or 0.2 percent at 28114.54. About 421 shares have advanced, 84 shares declined, and 33 shares are unchanged.

BHEL, Asian Paints, HDFC Bank, Sun Pharma and Axis Bank are top gainers while Tata Motors, Coal India and L&T are losers in the Sensex.

The Indian rupee opened marginally higher at 66.68 per dollar on Wednesday against previous close 66.72.

Pramit Brahmbhatt of Veracity said, “Rupee to trade with positive bias following positive sentiment in domestic equity market. See resistance for the USD-INR at 66.80/dollar levels. The USD-INR pair will trade in a range of 66.50-66.80/dollar.”

The US dollar was mixed as investors took some profits from the greenback’s recent strength and evaluated whether the Federal Reserve is likely to raise interest rates later this year.

Among global markets, Asian shares inched ahead after Wall Street got a lift from encouraging corporate earnings and investors wagered an imminent barrage of Chinese data would confirm the economy had at least stabilised.

MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.4 percent, on top of a jump of 1.4 percent on Tuesday. Australian shares firmed 0.4 percent, while Japan’s Nikkei dithered either side of flat.

All eyes were on the Chinese gross domestic product (GDP) report due at 0200 GMT. While there are some doubts about the reliability of the data, markets tend to take them on face value.

Wall Street advanced on Tuesday to give the S&P 500 its best day this month on the heels of solid earnings reports from names such as UnitedHealth and Netflix that put corporate profits on track to snap a four-quarter streak of declines.

The Dow Jones industrial average rose 75.54 points, or 0.42 percent, to 18,161.94, the S&P 500 gained 13.1 points, or 0.62 percent, to 2,139.6 and the Nasdaq Composite added 44.01 points, or 0.85 percent, to 5,243.84.

Hindustan Zinc Q2 earnings is seen improving on a sequential basis due to higher production and prices. KPIT Tech is expected to post a tepid quarter.

Endurance Technologies is set to list on exchanges today issue price been fixed at Rs 472 per share.

Among asset classes, Crude oil prices were higher, as the dollar relinquished early gains and expectations of OPEC output curbs lifted crude futures from session lows.

Gold prices logged highest settlement level in nearly two weeks, as strength in the British pound helped the US dollar ease back from recent multi-month highs. However, receding worries about the outcome of the US election and expectations of US rate rises in December could limit upside going ahead.