Equity benchmarks remained moderately under pressure in noon trade, with the Nifty hovering around 8750 level. The rupee gained past 67 against the US dollar, rising 0.31 percent to trade at 66.98, for the first time since November 11, 2016, on sustained selling of the American currency by exporters and banks.
Forex dealers said that besides increased selling of the American currency by exporters as well as banks, a higher opening in the domestic equity market supported the rupee. They said, however, the dollar’s strength against other currencies overseas, capped the gains.
The 30-share BSE Sensex was down 43.48 points at 28246.44 and the 50-share NSE Nifty fell 15.10 points to 8753.95.
Technology stocks gained strength despite rupee strengthening. TCS surged 1.5 percent and Infosys gained 0.6 percent.
Lupin rose 0.7 percent and Aurobindo Pharma rallied 2 percent ahead of quarterly earnings due later today while Hero Motocorp was up 1 percent after Q3 numbers.
However, ICICI Bank, HDFC Bank, SBI, L&T, Tata Motors, Maruti and Tata Steel continued to weigh on market.
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