Today’ Market Update and News-
Investors queued up to buy more shares of OnMobile Global after board members announced buyback price of equity shares. The stock is locked at 5 percent upper circuit at Rs 72.60 on the Bombay Stock Exchange and there were pending buy orders of 225,992 shares, with no sellers available, at 9:30 hours IST.
After the deep cut seen on Thursday, the market has opened marginally higher today. The Sensex is up 33.58 points at 27635.59 and the Nifty is up 9.10 points at 8302.00. About 400 shares have advanced, 164 shares declined, and 26 shares are unchanged.
Bet on IT; rupee to break all-time low in late ‘2015: Experts
The Nifty lost about 60 points to break below the 8,300 level. Midcaps also fell in tandem with the bluechips as a late sell-off caught the bulls off guard.
Outstanding performance seen in the ongoing week is that the rupee hit a multi-month low today, sliding to 62.25 against the dollar.
According to experts “Indian equity market is at a fair level and market participants can look into buying good quality stocks on dips.”
One of the famous analyst says – We expect the local equity market to trade sideways and take cues from global markets for further direction. Any upper movement in the dollar will keep rupee under pressure. Expect the rupee to trade in a range of 62-62.70/dollar.
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