Sensex and Nifty gained marginally in the opening trade but remain flat on the back of mixed trade in bluechip shares Reliance Industries and HDFC on Wednesday ahead of the futures and options contract expiry and Q2 GDP data, both due on Thursday, 30 November. BSE Sensex advanced 45.68 points or 0.14% to start at 33,664.27 whereas NSE Nifty added 6.4 points or 0.06% to begin at 10,376.65. The benchmark indices suffered from a contrary trade between the industry heavyweight stocks Reliance Industries and HDCF. Coal India was the top gainer on the 30-share barometer Sensex.
Shares of Coal India, ONGC, Dr Reddy’s, NTPC, ITC, Reliance Industries, Infosys gained up to 1.7% while HDFC and Axis bank dragged the most, lost up to 1.2% each. The heavyweight shares of RIL, ITC and Infosys contributed the most to the Sensex gains, on the other hand, a slump in HDFC, HDFC Bank and Axis Bank shaved off most of the gains.
The rupee depreciated 10 paise to 64.51 against the US dollar in early trade today at the interbank foreign exchange US dollar held firm on Wednesday after Wall Street shares marked another record highs amid signs of progress on US tax cuts. Earlier yesterday, the Indian rupee gained 9 paise to conclude at a fresh 2-month high against the US dollar on Tuesday after trading weak in the opening session. In a major development, Bitcoin topped $10,000 on more exchanges as appetite for digital currencies showed no sign of fading.
Meanwhile, among the Asian markets, Japan’s Nikkei 225 index gained 0.3% to 22,552.38, South Korea’s Kospi was almost unchanged at 2,513.42, Hang Seng index in Hong Kong fell 0.3% to 29,590.11 and the Shanghai Composite index sank 0.7% to 3,312.05.
US markets spiked to fresh record highs on Tuesday following the gains in bank stocks and boosted by progress for a tax cut bill, strong consumer confidence data and encouraging comments from — President Donald Trump’s nominee — Jerome Powell who is selected to lead the US Federal Reserve. The Dow Jones Industrial Average rose 255.93 points or 1.09% to 23,836.71, the S&P 500 gained 25.63 points or 0.99% to 2,627.05 and the Nasdaq Composite added 33.84 points or 0.49% to 6,912.36.