Thursday 16 February 2017

Sensex opens higher, Nifty reclaims 8750; SBI, TCS lead gainers |STOCK FUTURE TIPS|EQUITY RESEARCH LAB| 16 February 2017

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Equity benchmarks rebounded in opening on Thursday after two-day losses, supported by PSU banks and technology stocks.

  • The 30-share BSE Sensex was up 48.32 points at 28203.88 and the 50-share NSE Nifty rose 14.25 points to 8738.95.

  • SBI gained 2 percent after cabinet approved merger of five associate banks with the bank. State Bank of Bikaner and Jaipur, State Bank of Mysore and State Bank of Travancore rallied 6 percent each.

  • TCS rose 1.71 percent as the board of directors will consider buyback of shares on February 20.

  • Infosys, Cipla, Tata Motors and Sun Pharma were other gainers while ITC, Bharti Airtel, Aurobindo Pharma, Bharti Infratel, Coal India, ICICI Bank and HDFC Bank were under pressure.

  • The Indian rupee has opened lower by 4 paise at 66.94 per dollar against previous close of 66.90.

  • Mohan Shenoi of Kotak Mahindra Bank says dollar rally looks to have lost steam despite Federal Reserve  chair Janet Yellen's hawkish testimony and uncertainty regarding Trump's economic & foreign policy.

  • Rupee has been resilient on the back of change in monetary policy stance of RBI, he feels. He expects USD-INR to trade in the range of 66.70-67 for the day.

  • The dollar retreated from 1-month high as investors took profits after US data showed robust growth in retail sales and consumer prices in January.

  • Asia markets traded mixed today, despite US gains as stocks closed at fresh highs for a fifth-straight day despite US overnight gains with Toshiba shares down anew.
  • Wall Street pushed further into record-high territory on Wednesday, with the S&P 500 notching a seven-session winning streak, helped by a round of robust economic data and ongoing optimism that President Donald Trump will cut corporate taxes.",


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