Sensex gains 50 points, Nifty above 10,950 amid political uncertainty

NEW DELHI: Benchmark indices opened on a cautious noted on Friday ahead of debate and vote over the no-confidence motion against the Modi government and a slump in rupee value to a record low against US dollar.

The BSE Sensex, which opened flat, gained 66.54 points, or 0.18 per cent, to 36,417.77 level in early trades. The Nifty50 was trading 15.10 points, or 0.14 per cent, higher at 10,972.20.

Rupee tumbled amid political uncertainty. The domestic currency hit a record low of 69.12 against dollar in early trade on Friday, led by selling by banks and exporters.

The Lok Sabha will be held for the full day, followed by a voting on it. The BJP brass and Union ministers on Thursday reached out to NDA partners and non-Congress parties while finalising its strategy for taking on the Opposition during the debate.

Among Sensex stocks, InfosysNSE 2.17 % rose 1.76 per cent to Rs 1,339.70 on BSE. ICICI bank NSE 2.30 %, Reliance Industries NSE 1.87 % and Wipro NSE 0.79 % added 1.47 epr cent, 1.39 per cent and 1.38 per cent, respectively. Vedanta plunged 2.83 per cent to Rs 202.40. HDFC, ONGC, Bharti Airtel and Asian Paints fell 1.39 per cent, 1.18 per cent, 1.02 per cent and 0.90 per cent, respectively.

Bajaj Auto, Wipro, Havells India and MCX will be some of the companies that will report their June quarter results on Friday. HDFC Standard Life, CEAT , Bata Holdings, Just Dial, Kansai Nerolac, and L&T Finance will also report their first quarter numbers during the day.

 

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