First Trade: Indices open higher; Nifty hovers above 24,600; Bharti Airtel up 2%
Indian stock market today: As CPI inflation softened, Indian equities opened in the green.
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09:32 AM IST
Indian stock market today: Indian equities amid mixed cues -including softening CPI inflation and US-China trade deal opened on a tepid note. At the open, Nifty50 opened higher by over 60 points, with the index hovering over 24,600 points. Meanwhile, the broader indices also moved in pace with the headline indices.
The high beta Bank Nifty index, meanwhile, traded higher by 0.2 per cent as gains in the Canara Bank, IDFC First Bank and SBI Bank among others.
Market momentum is cautious as US-China deal is likely to not augur well for India in the short term.Â
From the Nifty pack, top gainers in early trade included stocks like Tata Steel, Shriram Finance, Bharti Airtel, Hindalco and Eternal, while laggards were Hero MotoCipla, Tata Motors, Asian Paints and IndusInd Bank.
Stocks in focus:
Eicher Motors: The Nifty50 company is slated to report its March quarter earnings later today after market hours.
Tata Motors: Shares of the company will be in focus after its mixed quarterly numbers. For the March quarter, the company's profit declined sharply by as much as 57 per cent.
Bharti Airtel: Bharti Airtel for the quarter posted strong results. The company also declared Rs 16 per share dividend.
Nykaa: In the MSCI May rebalancing, Nykaa will also find a place in the MSCI Standard index from the close of May 30.
Asian markets
Asian markets after gains in the overnight trade in the US amid softening in the retail inflation traded in a narrow range. In fact all the Asian indices traded with gains of over 1 per cent including Hang Seng, South Korea's Kospi, Taiwan weighted and Jakarta Composite.
Rupee opening
Rupee has continued to open on a positive note with the domestic unit appreciating by 27 paise. Hang Seng continued to show up gains and was up over 1 per cent.Â
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