 "Sensex snaps four-day loss, Nifty tests 6200; IT stocks in red")
The S&P BSE Sensex bounced back after falling for four consecutive days.The Sensex is up 72.26 points at 20859.56, and the Nifty is up 18.60 points at 6210.05.
Maruti Suzuki, Coal India, L&T, Sun Pharma and HDFC Bank are top gainers in the Sensex. Among the early losers are ONGC, Bajaj Auto,Hindalco, TCS and Dr Reddy’s Labs.
The rupee opened lower at 62.40 against US dollar versus previous day’s closing value of 62.32 per dollar.
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According to Ashok Gautam of Axis Bank, “The broad range for the dollar-rupee remains at 63.50-60.90/dollar.”
“If the pair comfortably stays above 62.55-60/dollar levels in coming sessions, we could see it moving further up towards 63.50/dollar in the near future,” he added.
In the global markets, disappointing US economic data weighs on the dollar and the yen has strengthened to 104/dollar. US markets ended a quarter percentage lower as mixed economic data made investors cautious ahead of the jobs data this week. Stocks closed slightly lower, with the S&P 500 extending 2014 losses into a third session. The yield on the 10-year treasury note fell 4 basis points to 2.963 percent.
Stocks in news:
MCX India is up 1.26 percent.Blackstone GPV Capital Partners (Mauritius) bought 2.79 percent in MCX for Rs 81.5 crore.
Wockhardt is up nearly 4 percent. USFDA is likely to visit Wockhardt’s factory in Aurangabad for inspection today.
Many IT stocks are in the red - FTIL down 1.4 pct, Infosys loses 0.2 pct, TCS down 0.2 pct, Wipro down 0.14 pct
Telecom stocks are in focus after the Delhi High Court ruled yesterday that the Comptroller and Auditor-General (CAG) can audit the accounts of telecom companies.Bharti Airtel up 0.3 pct, Idea up 0.2 pct, RComm down 0.2 pct