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Sensex open 400 pts higher on firm rupee, steady Asian peers

Friday,   12-Oct-2018   09:21 AM (IST)

The benchmark indices gained at the opening with the Nifty50 reclaiming 10,300 levels as rupee rose against US Dollar amid steady Asian peers. The rupee opened 29 paise higher at 73.83 per dollar from its previous close.  The sell-off in Indian equities intensified on Thursday as worries over slowing global growth, escalating trade tensions, and rising US treasury yields spooked investors worldwide. On Thursday, the S&P BSE Sensex declined 2.2 per cent, or 759 points, to 34,001. The 50-share Nifty slumped 2.2 per cent to 10,234, with only nine of its component ending with gains. Amid stock specific action, TCS will be in focus after the IT major posted a 23 per cent YoY rise in its net profit at Rs 79.01 billion for the September quarter of FY19 on Thursday post market hours. The company, in its press release, stated that digital demand drove double-digit growth in the second quarter. Among other results Hindustan Unilever, Kotak Mahindra Bank are likely to announce their Q2 earnings during the day. On macro front, India's industrial production (IIP) data for August and retail inflation (CPI) prints for September will be released today. Industrial production grew 6.6 per cent in July. Retail inflation eased to a 10-month low of 3.69 per cent in August. The numbers may come slightly higher owing to falling rupee and rising crude prices.