D-Street starts on a fresh new high Nifty clinches 11,600

Pharmaceuticals lead the way, IT and FMCG make it to the top

Mumbai.

It’s another record high start for the market on this Thursday morning, with the Nifty hitting 11,600 for the first time, while the Sensex hit 38,400 in the opening minutes.

At 09:15 hrs IST, the Sensex was up 114.88 points or 0.30% at 38400.63, while the Nifty was up 30.10 points or 0.26% at 11601.00. The market breadth was positive as 471 shares advanced, against a decline of 160 shares, while 49 shares were unchanged.

Among sectoral gainers, pharmaceuticals lead the way, up almost a percent, while IT and FMCG are the other top gainers. Banks, on the other hand, are trading lower. The midcaps space is trading marginally higher.

HDFC, Hero MotoCorp, and Lupin are the top gainers, while ICICI Bank, Adani Ports, and Vedanta are the top losers.

The Indian rupee opened lower by 21 paise at 70.02 per dollar on Thursday versus previous close 69.81.

Rupee consolidated in a narrow range for the fourth successive session following a relief rally in most of the Asian currencies. Rupee in the Asian pack has been one of the weakest currencies in this year and broad strength in the dollar is keeping gains capped for the currency, said Motilal Oswal.

Fall in the rupee has been on back of external factors as the domestic fundamentals remained unchanged. Rupee experienced a relief rally after comments from the US President, who said that he was "not thrilled" with the Federal Reserve’s interest rate hikes. Today, USD-INR pair is expected to quote in the range of 69.70 and 70.05 and 70.20, it added.

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