Nifty Opens Higher; IT Stocks Gain On Falling Rupee

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Benchmark indices opened the day higher after heavy bouts of volatility witnessed in the last few trading sessions.

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Nifty Opens Higher; IT Stocks Gain On Falling Rupee
The Sensex was trading with gains of 104 points, while the Nifty was trading with gains of 30 points. IT stocks continued to see buying interest as the rupee slid further to 65.25 against the dollar in early trade.

Infosys and TCS were among the early gainers. Hindalco and Cipla were both marginally higher ahead of results to be declared later today.

Banking stocks saw some buying support ahead of the WPI Inflation data to be announced later today. ICICI Bank, Canara Bank, State Bank of India and IndusInd Bank were among the early gainers.

Hindalco continued to drop and was trading at a new 52-week low of Rs 88. Cipla which is due to declare results later today was up 1.5 per cent.

Midcap stocks which have seen a heavy bout of selling pressure saw some buying interest with Torrent Pharma, Godrej Industries and Bank of India among the early gainers. However, Britannia Industries lost ground.

Meanwhile, markets across Asia were subdued. Most of the markets were trading flat or with marginal losses.

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