Nifty opens above 8800, Sensex firm; Idea, BoB, Coal India fall

Moneycontrol Bureau9:40 am Market update: Benchmark indices erased some opening gains on profit booking.The 30-share BSE Sensex was up 41.01 points at 28375.26 and the Nifty gained 11.20 points at 8804.75.About 1008 shares advanced against 891 declining shares on the BSE.9:25 am Kotak on Bank of Baroda: Kotak has also maintained reduce rating as growth concerns are yet to be addressed.Loan growth would be a disappointment as compared to investors' expectations and return on equity visibility Beyond 12-14 percent by FY2019 still poses as a challenge, it feels.The brokerage house has increaed target price to Rs 170 from Rs 160.9:15 am Market CheckEquity benchmarks started off the week on a positive note, tracking positive Asian cues and after consolidation in previous week.The 30-share BSE Sensex was up 115.88 points at 28450.13 and the 50-share NSE Nifty gained 24.35 points at 8817.90.
Hindalco Industries gained 1.8 percent ahead of quarterly earnings. Bharti Infratel, GAIL, Tata Power, Adani Ports, Tata Steel, Infosys and ICICI Bank were early gainers.

Idea Cellular tanked 4.84 percent, Bank of Baroda was down 4.15 percent and Coal India fell 2.68 percent after third quarter earnings. Bharti Airtel and BHEL were other losers.The Indian rupee opened marginally higher at 66.90 per dollar today against Friday's closing value of 66.88.Pramit Brahmbhatt of Veracity says the rupee will trade flat with positive bias. Positive cues from equity market will help rupee.He feels a level of 66.80 is crucial resistance. Trading range for the spot USD/INR will be 66.80 to 67/USD, he says.The dollar rose against the yen on relief that US President Donald Trump set aside tough campaign rhetoric over security and jobs in a smooth meeting with Japanese Prime Minister Shinzo Abe, with no mention of currency policy.Asian markets were in positive territory except for South Korea which wavered after North Korea said that the test of a new missile type at the weekend was successful and is capable of carrying a nuclear warhead.