The market has opened
higher, tracking positive cues from Wall Street after the Federal Reserve kept
rates unchanged. All eyes are on expiry of July derivative contracts today.
The Sensex gained
135.55 points at 27698.98 and the Nifty rose 40.75 points to 8415.80. About 713
shares have advanced, 119 shares declined, and 64 shares are unchanged on the
BSE.
Cipla, HDFC, Axis Bank,
BHEL, ONGC and Cairn India rallied 1-1.5 percent. However, ITC lost 0.6 percent
ahead of earnings. GAIL, ICICI Bank, Tata Power and Ambuja Cements also
declined. In key earnings today according to a CNBC-TV18 poll, ITC profit may
rise 6 percent to around Rs 2,300 crore. Volumes are expected to decline 15-18
percent due to price hikes. And from the pharma space, muted numbers are
expected from Dr Reddy's, the profits may rise 4 percent.
From the banking
sector, this will be first quarter of Kotak-ING consolidated numbers. Analysts
expect a muted profit growth. While the margins may come off since ING Vysya
has lower margins.
The Indian rupee opened
lower by 5 paise at 63.96 per dollar against 63.91 Wednesday.
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