Sensex opens on a positive note, Nifty above 9800; Tata Power gains 3%
Equity benchmarks continued with its positive momentum from the previous session and opened on a good note, with the Nifty reclaiming 9800-mark.
The Sensex was up 77.14 points at 31526.17, while the Nifty rose 23.05 points at 9817.20. The market breadth was positive as 626 shares advanced against a decline of 186 shares, while 27 shares were unchanged.
Midcaps were back in favor as they outperformed the benchmarks, while other gainers included FMCG, auto stocks, and metals.
Adani Ports, Tata Motors, Tata Power and BPCL were the top gainers, while Larsen & Toubro, Cipla, and Asian Paints lost the most on both indices.
The Indian Rupee slipped in the early trade on Wednesday. It has opened lower by 16 paise at 64.28 per Dollar versus 64.12 Monday.
Encouraging US economic data and FII outflows will help the dollar appreciate. We expect the USD-INR to trade in a range of 64-64.50 for the day.
The US Dollar strengthened after economic data, including July retail sales, beat expectations and cast the economy in a relatively favorable light.
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