Domestic Institutions help Indian Stocks to stage recovery - Standard Chartered Securities

Buzz of buying by domestic institution helped Indian stocks stage a strong intraday rebound in what was a highly volatile trading session. The Sensex, closed slightly higher while the Nifty closed with small losses. The Sensex closed below the psychological 18,000 mark after regaining that mark in late trade. The Sensex rose 28.07 points.

IT stocks gained on a weak rupee, with TCS and HCL Technologies hitting record high and Infosys and Wipro scaling 52-week high. Metal stocks rose. Shares of two wheeler makers also rose. Pharma stocks edged higher on a weak rupee.

Markets expected to open lower as rupee weakened further to INR 68.8 against dollar. Further, the market is expected to be under pressure due to continuous FII selling. Also, it will remain volatile today as traders roll over positions in the futures & options (F&O) segment.

Source : Equity Bulls

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