Sensex, Nifty open absolutely flat, pharma stocks crack
Equity benchmark indices began the session on a flat note, with the Sensex and Nifty trading with double digit gains.
The Sensex was up 21.25 points at 30592.22, while the Nifty was up 5.30 points at 9443.55. The market breadth was narrow as 447 shares advanced against a decline of 312 shares, while 39 shares were unchanged.
Midcaps gained marginally higher, along with IT and auto indices on the Nifty, while pharma stocks took a hit on the back of negative news flow. Aurobindo Pharma and Sun Pharma fell over 4 percent.
Maruti Suzuki, HDFC, and Asian Paints were the top gainers, while GAIL and Sun Pharma lost the most on both indices.
The Indian rupee opened lower by 8 paise at 64.63 per dollar on Tuesday versus previous close 64.55.
"USD-INR pair bounced back from recent lows and is expected to move towards 65/dollar in due course of time. Today the pair is expected to trade within a range of 64.40-64.60."
"The 10-year benchmark yield is expected to trade within a range 6.76-6.78 percent. The yield is expected to soften further."
Globally, Asian markets traded sideways on Tuesday, after major indexes on Wall Street closed in the green and on headlines out of the UK of a deadly explosion at a concert venue in Manchester.
US stocks rose on Monday, boosted by technology shares and by defence companies, which gained after the United States and Saudi Arabia signed a multi-billion dollar arms deal.
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