Opening Bell – Nifty opens above 9400, Tata Motors top Nifty Gainer
At 9:15 AM, the BSE Sensex opened down by 81 points at 30446, while the Nifty50 opened higher by 24 points at 9410 mark.
Tata Motors is the top Nifty gainer and Lupin is the top Nifty loser in the morning hours. Lupin is trading at Rs 1238 per share, down by 1%.
Tata Motors Limited opened at Rs 469 per share higher by Rs 18.9 per share or 4.2% on BSE in the Wednesday’s trading session. The stock is trading higher by close to 5% at Rs 471.3 per share as of 0917 hours.
There are 849 advances, 568 declines and 482 unchanged stocks on NSE reflecting some positive bias floating in the market.
The rupee opened at 64.91 per dollar higher by 2 paise. On Tuesday, rupee closed 0.53% weaker at 64.89 per dollar against Monday's close of 64.55 after traders rushed to buy dollars on news of Indian Army destroying Pakistani bunkers along the Line of Control (LoC).
Now, going forward, Nifty50 has major support placed in the region of 9,350-9,370, and if this support level is breached, the index may correct up to the level of 9,270. On the upside, the level of 9,430 is likely to act as a major hurdle, and if it manages to hold above this level, the rally may extend up to the level of 9,460.
On Tuesday, the US stocks extended gains for the fourth day, with the S&P 500 and the Dow Jones registering their longest winning streak since February, following the release of the White House budget proposal for 2018. The Dow Jones Industrial Average advanced 43 points to end at 20.938. The S&P 500 index rose 4 points to finish at 2,398. The Nasdaq Composite index surged 5 points to close at 6,139.
Most of the Asian markets are trading in the negative terrain on Wednesday. Hong Kong’s Hang Seng has slipped 96 points and China’s Shanghai Composite has plummeted 28 points, but Japan’s Nikkei 225 is bucking the trend and gained 87 points.
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