Rupee Opening
The Indian rupee opened higher at 68.88 against the US dollar on March 26, 2019.
It appreciated by 5 paise compared to Monday's close of 68.93 to the dollar.
"The rupee ended mildly higher, on March 25, recovering from its intraday lows of 69.17. RBI three-year dollar-rupee swap auction will be held today. The move in the rupee will be keenly watched ahead of RBI’s monetary policy meeting next week," ICICI Securities said.
The brokerage further said the slump in US yields could cap the dollar's ability to appreciate sharply.
Investors continue to await the US-China trade talks outcome while ongoing Brexit uncertainty is also weighing on risk sentiments, it added.
Market Opening:
Benchmark indices opened marginally higher after a selling pressure seen in previous two consecutive sessions.
The BSE Sensex rose 51.28 points to 37,860.19 and the Nifty50 gained 31.90 points at 11,386.20.
Indiabulls Housing, Zee Entertainment, Eicher Motors, GAIL, Adani Ports, Bharti Infratel and Reliance Industries were early gainers.
Infosys, TCS, Tech Mahindra, HCL Technologies, JSW Steel and Power Grid were under pressure.
Nifty Midcap index was up 0.5 percent.
Jet Airways rallied 7 percent after Naresh Goyal and his wife stepped down from board.
Kalpataru Power Transmission gained 4 percent.
ICICI Prudential Life lost 2.5 percent.
Market Outlook
ICICI Securities said the price action formed a bear candle with a small lower shadow post a gap down opening, indicating extended profit booking after witnessing 9.3 percent rally over the past five weeks, which led the weekly stochastic oscillator to hover at the overbought territory (at 86).
"Going ahead, we expect the index to consolidate in the range of 11,450–11,200 amid stock specific action ahead of March series derivative expiry and escalating global volatility," it said.
Over past eight sessions, the Nifty midcap, small cap indices retraced 23.6% of preceding nine sessions up move, indicating slower pace of retracement, highlighting a robust price structure.
The research house believes this healthy consolidation would help the broader market to form a higher base, in turn setting the stage for the next leg of up move. Thus, corrective declines should be capitalised on as incremental buying opportunity.
Market Pre-Opening Trade
Benchmark indices were flat in pre-opening trade, indicating that there could be consolidation after a fall in previous two sessions.
The Sensex was up 42.01 points at 37,850.92 and the Nifty gained 11.40 points at 11,365.70.
Macquarie India Strategy
Global brokerage house Macquarie said European investors are still appear to be cautious on India. Elections & a rebound in economic growth will be key drivers for flows into India, it added.
The Sensex in last two sessions fell around 500 points after rallying more than 3,000 points since February 19 on the back of more than Rs 43,000 crore worth of shares buying by FIIs.
"We continued to recommend our stance on moving from defensives to cyclicals and to recommend our stance on moving from large caps to midcaps," the investment firm said.
Real estate & its derivate sectors will be outperformers in 2019, it believes.
Top large cap picks are IndusInd Bank, Yes Bank, ITC, ONGC and L&T while top midcap picks are Phoenix Mills, L&T Infotech, Minda Industries, Jubilant Foodworks, Ujjivan Financial, Apollo Hospitals, NCC, Crompton Consumer, ACC and Berger Paints.
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