 "Nifty crosses 6200, rupee strengthens to 62/$")
The Indian markets opened in the green today despite subdued global cues.
The Sensex is up 60.82 points at 20911.56, and the Nifty is up 14.95 points at 6203.95.
Overnight, in the US, the S&P 500 and the Nasdaq ended lower on Monday while the Dow failed to close above its milestone level of 16,000 as stocks sold off late in the session following Carl Icahn’s cautious comments on the equities market.
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Asian shares slipped back from a two-week high on Tuesday after the previous session’s hefty gains on China’s economic reform plans, while the dollar was on the defensive on expectations the Federal Reserve will keep its stimulus a little longer.
Indian rupee gained 29 paise at 62.12 per dollar in early trade on Tuesday as against previous day’s closing of 62.41 per dollar.
Ashutosh Raina of HDFC Bank feels the dollar-rupee pair has been stabilising and should continue to remain in this range for some more time. “The strong inflows have been offset by strong demand which has returned to markets,” he adds.
According to him, the range for the day is seen between 61.80-62.50/USD.
Today, Finance Minister P Chidambaram will speak at the inauguration of a bank for women.
The Securities and Exchange Board of India (SebiI) said on Monday it would empower the country’s exchanges to enforce rules on corporate disclosures at listed companies, aiming to improve transparency, especially of market-sensitive information.
Stocks in news:
Ranbaxy Laboratories is up 0.31 percent. According to a Business Standard report , the company plans to sell made in India drugs to Japan. Though Ranbaxy is yet to get approvals from the Japanese regulatory agency, it is trying to get a foothold in that market to boost its consolidated revenue.
Infosys is up 0.16 percent. However, there is some pressure on the stock asas Stephen Pratt, Infosys executive council member and head of utilities and resources for North America, has resigned from the company.
Reliance Industries is almost up by 1 percent. RIL willprovide a bank guarantee of USD 135 million every quarter to get a higher price for natural gas from April 1 next year. The bank guarantee will be encashed if it is proved that RIL hoarded gas or deliberately suppressed production at the Dhirubhai-1 and 3 (D1&D3) main gas fields in its eastern offshore KG-D6 block, a top Oil Ministry official said here.