Market Live: Sensex, Nifty open flat; IT stocks outperform as rupee dips to 68.53/$

Asian shares traded mixed amid trade concerns.

IndusInd Bank share price hit a fresh record high of Rs 1,995 in the opening after the private sector lender decided to acquired infra lender IL&FS' brokerage business. However, the stock price immediately wiped out those opening gains to trade 0.33 percent lower at Rs 1,977 on the BSE, at 09:30 hours IST.


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The city-based lender, which has recently got the final nod for a merger with microlender BFIL, has received the Reserve Bank go-ahead for acquiring IL&FS Securities Services, it said in a statement.

"The acquisition will help us scale up the present capital market business in the bank and bring new specialized products, hitherto not offered by us, to our clients," said Romesh Sobti, managing director and chief executive officer, IndusInd Bank.

Benchmark indices traded flat in the opening on Wednesday despite weakness in Asian stocks due to trade tensions.

The Sensex rose 37.63 points to 35,527.67 while the Nifty fell 0.90 points to 10,768.30.

Bharti Infratel, Zee Entertainment, NTPC, UltraTech Cement, Dr. Reddy's Labs, Reliance Industries and HDFC Bank are under pressure.

Aurobindo, Sun Pharma, M&M, Tata Motors, HCL Technologies, Infosys, Yes Bank, Titan Company, Kotak Mahindra Bank and Tech Mahindra are early gainers.

Nifty Midcap and Bank indices are flat.

IndusInd Bank hit a fresh record high, up 0.24 percent.

Bata India, Godrej Consumer, Hexaware and Jubilant Foodworks also hit a new high.

Future Retail, Majesco and Mphasis gained.

Fortis Healthcare, IDBI Bank, Adani Enterprises and Ashok Leyland fell 0.5-3 percent.

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Manpasand Beverages to approve Q4 results today.

Infosys arm to provide banking solution to Santander in the UK

Voltas clarified that it is not aware on media report on Tata Sons selling the stake.

Tata Communications partnered with data center solutions company Edgeconnex.

Majesco U.S. arm’s insurance platform goes live for American Capital Assurance Corp.

Hindustan Unilever said reports of Horlicks deal speculative.

IDBI Bank clarified it has exposure of Rs 47.18 crore to DS Kulkarni Developers.

Relaxo Footwear mulls merging Marvel Polymers and Relaxo Rubber with self.

The Indian rupee opened sharply lower at 68.43 against the dollar on Wednesday on demand for the American currency from exporters.

It traded at 68.49, down 25 paise or 0.37 percent from the previous close.

Benchmark indices traded higher in pre-opening despite weakness in Asian stocks amid trade tensions.

The 30-share BSE Sensex rose 85.04 points to 35,575.08 and the 50-share NSE Nifty gained 6.70 points at 10,769.20.

The Nifty50 is likely to open flat on Wednesday tracking muted trend seen in other Asian markets. The index closed 6.7 points higher at 10,769 on Tuesday.

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 17.5 points or 0.16 percent. Nifty futures were trading around 10,743-level on the Singaporean Exchange.

US stocks found their footing on Tuesday, helped by gains in the energy, technology and consumer discretionary sectors after a sharp sell-off a day earlier on spiraling global trade tensions, said a Reuters report. 

Asian shares were subdued on Wednesday as weakness in Chinese stocks and the yuan weighed on sentiment, while oil held hefty gains as the United States pressured allies to stop buying Iranian crude, it said. 

MSCI's broadest index of Asia-Pacific shares outside Japan was off 0.05 percent after touching a two-year trough on Tuesday. Japan's Nikkei has been faring better and was all but flat in early trade.

Oil prices rose on Wednesday, pushed up by supply disruptions in Libya and Canada and after US.officials said all countries should stop Iranian crude imports from November.

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Riyanshi

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