Sensex, Nifty off to a cautious start; Maruti, TCS top gainers

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NEW DELHI: Benchmark indices opened on a positive note on Wednesday, as the rupee stabilised following a two-day of battering. Global cues were mixed with Asian markets seeing a marginal drop in the morning trade after US Fed Chair Janet Yellen said that the Federal Reserve needs to continue gradual rate hikes despite broad uncertainty about the path of inflation. 
At 9.25 am, the BSE Sensex was trading 76.44 points, or 0.24 per cent, higher at 31,676, The Nifty50 was ruling at 9,884 up 12.75 points, or 0.13 per cent. The midcap and smallcap indices rose up to 1 per cent. 

The rupee on Wednesday opened 9 paise up at 64.36 against dollar on account of selling of the greenback by banks and exporters. A consistent fall in rupee generally triggers foreign outflows from stock market. 

Data showed market-wide rollover of September F&O contracts stood at 37 per cent till Tuesday, which was in line with the average rollovers of 36 per cent seen in last three series. Nifty rollovers at 31 per cent were also inline compared to the average three month rollovers. 

Among Sensex stocks, Maruti Suzuki BSE 0.72 % gained 1.15 per cent to Rs 7,976.45 on BSE. Hero MotoCorp BSE 0.49 %, Power Grid BSE 0.69 %, Koteak Mahindra Bank BSE 0.26 % and TCS BSE 0.69 % advanced up to 0.8 per cent. 

On the flipside, Sun Pharma BSE -2.10 %, Adani Ports and Coal India BSE -1.04 % fell up 1.75 per cent. 

Coal India declined after the Indian National Trade Union Congress (INTUC) unit declared a 3-day strike from Oct 6 to seek more favourable terms from the management over employment of family members of accident victims, gratuity and pension amounts, overtime and a 25 per cent salary hike. 

Shares of Den Networks BSE 7.56 % advanced as much as 12.73 per cent in early trade after ET reported that Mukesh Ambani-owned Reliance Industries BSE -0.01 % is said to be in talks to acquire Sameer Manchanda promoted multi-system operator (MSO), DEN Networks. 

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