Bank of Baroda tanked 10 percent post disappointing set of earnings in Q2. Tata Steel too fell 3 percent post weak European operations earnings in Q2. Vedanta, ICICI Bank, Tata Motors and ONGC were other losers.
The market gained strength after flat opening. The Sensex rose 130.08 points or 0.49 percent to 26434.28 and the Nifty rose 44.05 points or 0.55 percent to 7999.50. NTPC, Cipla, Infosys, Lupin, Larsen & Toubro, Kotak Mahindra Bank and Power Grid were early gainers. Bank of Baroda tanked 10 percent post disappointing set of earnings in Q2. Tata Steel too fell 3 percent post weak European operations earnings in Q2. Vedanta, ICICI Bank, Tata Motors and ONGC were other losers. The Indian rupee opened marginally lower by 5 paise at 65.80 per dollar today versus 65.75 Thursday. Pramit Brahmbhatt of Veracity said, "Expect rupee to depreciate today as Asian markets have opened on a weak note which will force local equities to trade low. Also the gain in dollar may keep rupee under pressure. Rupee range for the day is seen between 65.40-66.20/dollar." On the global front, dollar at a three-month high against a basket of major currencies and a two-month peak versus the yen following comments from Federal Reserve officials suggesting a growing chance of an interest rate hike next month. Global markets are mixed with the US market closing mildly lower as investors awaited Friday's key jobs report that could shed light on the timing of a rate hike. European equities too finished mixed on Thursday as investors reacted to a stronger dollar, a fresh round of corporate earnings and a rate decision by the Bank of England (BoE). Closer home, Asian shares were trading mixed early today, tracking the uninspiring handover from Wall Street as investors awaited the US nonfarm payrolls.
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