Nifty hits fresh intraday low in afternoon trade despite European markets opening in positive terrain. State-run banks were seen selling dollars in the foreign exchange market after the rupee fell below 53 to the dollar, likely on behalf of the RBI.
IT stocks rallied in trade today on weak rupee. Positive economic data in the US also boosted sentiments for the sector. US is considered to be the biggest outsourcing market for the Indian IT companies.
The advance decline ratio was at 1:1. About 1345 shares advanced, 1307 shares declined, and 767 shares remain unchanged.
European shares joined in a worldwide rally on Wednesday after strong U.S. factory activity data and a pickup in Asia raised hopes of a global economic recovery, but fears over the health of the euro zone kept the single currency under pressure.
However, investors in Europe, returning after the May Day holiday, were unlikely to take on big risk positions ahead of a European Central Bank meeting on Thursday and weekend elections in Greece and France which could herald a softening in austerity measures.
Bharti Airtel gains more than 2% despite reporting its ninth straight quarterly profit decline, as investors chose to focus on improving EBITDA margins.
Goldman Sachs says despite the earnings miss, Bharti Airtel's overall EBITDA margins improved 115 basis points quarter-on-quarter led by improvements in its mobile and Africa businesses.
KPIT Cummins Infosystems was locked at 20% upper circuit. The consolidated net profit rose 6.4% to Rs 43.71 crore on 26.7% growth in net sales to Rs 480.01 crore.
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