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Equity benchmark indices opened higher on Thursday despite weakness in Asian stock markets. Today’s gains were led by IT stocks, with Nifty IT up around 1.5% in early deals.
All sectoral indices are trading in the green except FMCG, auto and realty stocks.
At 9:40 AM, the BSE Sensex at 34,472 was up by 127 points, while NSE Nifty at 10,452 was higher by 22 points. However, both BSE Midcap and the BSE Smallcap were higher by 0.04% and 0.27%, respectively.
Infosys (+2.4%), HCL Tech (+2.2%), Tech Mahindra (+2%), Tata Steel (+1.4%) and TCS (+1.2%) were the top gainers.
Vedanta (-3.2%), Tata Motors (-3.1%), HPCL (-1.8%), BPCL (-1.6%) and ONGC (-1.4%) were the top losers.
Out of 2,022 stocks traded on the NSE, 1,032 advanced, 507 declined and 483 remained unchanged today.
Tata Motors stock dropped 2.5% after Q4FY18 numbers. Higher raw material and operating expenses put pressure on EBITDA margins, which have contracted yoy in 5 out of the past 8 quarters.
High depreciation, interest and tax expenses dented consolidated PAT leading to a 14% yoy decline in consolidated PAT (not considering exceptional expenses). Reported PAT (including exceptional expenses, minority interest, share in profit of associates, joint ventures and forex gains) declined 50% yoy to Rs2,125cr. This was 42% lower than consensus estimate of Rs3,651cr.
The Indian rupee strengthened against the US dollar in the opening trade amid mixed cues from Asian currencies.
Asian indices opened in the green except the Japanese Nikkei, which traded in the red, as the US Dollar saw gains against the Yen, which hurt exporters.
US stocks recover early fall to close in the green, as Federal Reserve minutes indicates rate hike in June, however, continue to be accommodative going forward. Turkish 'Lira' and Argentina 'Peso" in currency free fall, which hurts sentiment with emerging markets under pressure.
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