Equities steady in opening deals as rupee appreciates marginally

by IANS |

New Delhi, May 10 (IANS) Indian equity benchmarks traded steady in early deals on Tuesday after a sharp slump the previous day.

Rupee too took a breather as it has appreciated from its all-time low of 77.42 the previous day to 77.25 this morning.

Rupee has been under-pressure after global central banks started normalising policy and last week RBI too raised key interest rates.

At 10.27 a.m., Sensex was 0.02 per cent down at 54,456 points, whereas Nifty was 7 points up at 16,309 points.

"The mother market US has turned distinctly weak with Nasdaq, S&P 500 and Dow at 1-year lows. European markets are moving in tandem with the US markets. Relatively India is doing better thanks to the consistent buying by DIIs and retail investors," said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Retail investors should not rush in to buy aggressively now since the market is not at buyable valuations, Vijayakumar added.

"High quality stocks like leading financials may be bought in small quantities. Rupee depreciation, which may continue, will impart resilience to IT stocks."

Latest News
Sensex crosses 74K mark in 1000 points rally Thu, Mar 28, 2024, 03:42 PM
Man stabbed to death during fight over drinking water Thu, Mar 28, 2024, 03:41 PM
Actor Mukesh, BJP candidate Ashwini file nominations in Kerala Thu, Mar 28, 2024, 03:22 PM
Gillespie resigns from his role as South Australia, Adelaide strikers' head coach Thu, Mar 28, 2024, 03:15 PM
'No scope for individuality in party', Karnataka DyCM Shivakumar warns warring leaders Thu, Mar 28, 2024, 03:10 PM
Ukrainian FM arrives in India to build on talks between PM Modi, Volodymyr Zelenskyy Thu, Mar 28, 2024, 03:02 PM
Political conspiracy, claims Kejriwal while being taken to Rouse Avenue Court Thu, Mar 28, 2024, 02:47 PM
NXP Semiconductors unveils industry-first platform for software-defined vehicles Thu, Mar 28, 2024, 02:41 PM
CM Vijayan & CPI(M) tread cautiously after ED case against Veena Vijayan Thu, Mar 28, 2024, 02:37 PM
IPL 2024: 'They opened for Australia...', says Ganguly on DC's opting for Warner, Marsh as opening pair vs PBKS Thu, Mar 28, 2024, 02:28 PM
India's trade policy is calibrated with economic growth path: Piyush Goyal Thu, Mar 28, 2024, 02:17 PM
Holi brings cheer to UP excise dept as sales soar Thu, Mar 28, 2024, 02:11 PM
Punjab CM Bhagwant Mann blessed with baby girl Thu, Mar 28, 2024, 02:10 PM
New AI tool can predict fatal heart rhythm with 80 pc accuracy Thu, Mar 28, 2024, 12:41 PM
IPL 2024: 'Perplexed, beyond my understanding', Smith, Pathan slam Hardik's tactics of using Bumrah vs SRH Thu, Mar 28, 2024, 12:27 PM