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Nifty Reclaims 10,800 Levels On Likely Calibrated Relief Measure, Rupee Recovery

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While it was yet another day of losses for the benchmark indices at the opening session with Nifty opening below 10,700 points and Sensex losing some 200 odd points, despite the better than expected global cues. The early losses came in fuelled by rupee's weakness to levels of 72 per dollar, the lowest level in 2019.

Nifty Reclaims 10,800 On Likely Calibrated Relief Measure, Rupee Recovery
 

But as the news around possibility of Narendra Modi 2.0 government doling out calibrated stimulus measures for some specific sector gathered pace, there was seen some respite from the sell-off.

It is to be noted that government remains cautious on the borrowing cost front.

Rupee's weakness added to the gains of stocks from the IT and pharma pack, with Infosys, TCS gaining over 1% each. Infosys during the day hit a 52-week high of Rs. 809.95 on both the NSE and BSE.

DLF also recovered some lost ground after yesterday's heavy losses due to SC notice. Nonetheless, the stock has got a buy call from the brokerage firm with a target price at Rs. 228.

Indigo also gained in trade today as it topped market share in the aviation market for the July month.

Yes Bank too gained 9%% on the news that the private sector lender will raise an additional $1.2 billion.

HDFC loses some 2 odd per cent on management rejig as the new CFO has been appointed at the private lender.

Notably, Sitharaman is also said to chair a press conference in the evening today and may come up with some relief measures. As it is GDP for the first quarter of the CY 2019 turned out to be grim at 5.8% and for the June ended quarter, analyst expects GDP at 5.5%.

Rupee also recovered from its 2019 low level of 72.03 to 71.63 per dollar.

Meanwhile, Asian shares trade in a range ahead of comments from Fed Chair Powell who would likely reveal the course of interest rates in the US going forward.

GoodReturns.in

Read more about: nifty sensex
Story first published: Friday, August 23, 2019, 15:33 [IST]
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