Sensex makes a flat start, Nifty below 10,950

IT stocks stand out in the morning session


Equity benchmarks began on a flat note on Wednesday, with the Nifty trading just below 10,950-mark. The Sensex has held on to 36,200-mark on Wednesday morning.The Sensex is higher by 23.84 points or 0.07% at 36263.46, while the Nifty is down 4.00 points or 0.04% at 10943.30. The market breadth is narrow as 235 shares have advanced, against a decline of 222 shares, while 52 shares are unchanged.

Among sectoral indices information technology (IT) stocks are standing out, gaining over 1 percent on the Nifty. This is led by gains in Tata Consultancy Services (TCS), and the rally has spilled over to other IT stocks as well. Weakness is visible among metals and PSU banks, among others. Midcaps are trading just around one-tenth of a percent lower.

TCS, Bajaj Auto, and Bharti Infratel are the top gainers, while Vedanta, Coal India, and Hindalco have lost the most.

however, stock rates reflected in the pre-opening session indicated a positive start to the market on Wednesday. The Nifty managed to reclaim 11,000-mark in the pre-opening trade, but is off those high points.

Rupee Briefs

Rupee opens The Indian rupee opened flat at 68.82 per dollar on Wednesday versus previous close 68.83.

The dollar-rupee July contract on the NSE was at 68.98 in the previous session. July contract open interest declined 1.31% in the previous day, said ICICI direct.

‘We expect the USD-INR to find supports at lower levels. Utilise downsides in the pair to initiate long positions’, it added.

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