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Sensex, Nifty start higher but trade cautious as rupee weakens against dollar

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The BSE Sensex jumped over 143 points or 0.38 percent to start at 38,162, while the NSE Nifty 50 also opened higher by 37 points or 0.32 percent to 11,514.

Sensex, Nifty start higher but trade cautious as rupee weakens against dollar
The BSE Sensex jumped over 143 points or 0.38 percent to start at 38,162, while the NSE Nifty 50 also opened higher by 37 points or 0.32 percent to 11,514. Indices, however, went into correction mode with the Nifty trading flat within first 10 minutes as the Indian rupee weakened against the dollar.
Shares of TCS, Axis Bank, NTPC, ICICI Bank, HDFC twins, Zee Entertainment, Tech Mahindra declined, while Gail, UltraTech Cement, Bharti Infratel, Lupin, Coal India, Tata Motors, PowerGrid, Sun Pharma, Kotak Mahindra surged.
Shares of Zee Entertainment slipped over 5 percent in early trade after Morgan Stanley cuts rating. Cement stocks were up riding on Supreme Court lifting construction ban in Maharashtra and Uttarakhand. Srei Infrastrutre shares gained 5 percent on strong financial results.
Midcaps started strong but gave up gains of over half a percent to trade near 0.2 percent level. Bank Nifty was in the red after positive start, down by over 0.10 percent.
Among sectoral indices, Teck, Capital Goods, Bankex, Telecom, IT and Finance were in the negative zone, while Metal, Oil & Gas, Realty, Utilities, Healthcare, Energy and Basic Materials surged higher by up to 1.17 percent.
Nifty Media was down by 4.36 percent, dragged by Zee Entertainment. Nifty PSU Bank was higher around 0.20 percent.
The Indian rupee opened stronger at 71.62 against the dollar, recovering from Wednesday's record low close of 71.75. The home currency, however, slipped to 71.89/$.
Asian markets were also under pressure with Japan's Nikkei down by 0.36 percent and Hong Kong's Hang Seng losing over half a percent.
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Market Movers

CompanyPriceChange%Loss
ONGC120.25 -4.85
Coal India146.40 -5.75
JSW Steel670.60 -25.75
NTPC113.55 -3.85
UPL808.00 -27.05
CompanyPriceChange%Loss
ONGC120.35 -4.65
NTPC113.55 -3.70
M&M784.85 -20.60
Power Grid Corp233.00 -6.70
Nestle17,678.30 -375.20
CompanyPriceChange%Loss
ONGC120.25 -4.85 -3.88
Coal India146.40 -5.75 -3.78
JSW Steel670.60 -25.75 -3.70
NTPC113.55 -3.85 -3.28
UPL808.00 -27.05 -3.24
CompanyPriceChange%Loss
ONGC120.35 -4.65 -3.72
NTPC113.55 -3.70 -3.16
M&M784.85 -20.60 -2.56
Power Grid Corp233.00 -6.70 -2.80
Nestle17,678.30 -375.20 -2.08

Currency

CompanyPriceChng%Chng
Dollar-Rupee73.8600-0.2175-0.29
Euro-Rupee87.8770-0.4200-0.48
Pound-Rupee102.2970-0.9290-0.90
Rupee-100 Yen0.6699-0.0019-0.29