Sensex, Nifty open flat; rupee gains 25 paise against US dollar

Shares of Life Insurance Corporation of India (LIC) and Fortis Healthcare surged after companies reported increase in their revenues.

Sensex File Photo

Stocks markets today opened flat as Sensex climbed 92.98 points to 61,888.02 in early trade while the Nifty advanced 44.4 points to 18,394.10 amid mixed global cues. The Indian rupee also gained 25 paise to 80.53 against the US dollar in early trade. Shares of Life Insurance Corporation of India (LIC) surged 8% as the company had reported positive revenues. LIC had reported an increase in net profit during July–September (Q2) this financial year. The public sector insurer's net profit stood at Rs 15,952.49 crore during the quarter. 

Among the Sensex, Tata Steel, PowerGrid, Mahindra and Mahindra, and IndusInd Bank opened with some gains while on the NSE Nifty, Hindalco, Apollo Hospitals and JSW Steel were the frontrunners. 

Mumbai-based real estate firm Keystone Realtors is all set to hit the capital market today with its IPO. The real estate company has proposed to raise Rs 635 crore through the IPO. 

Fortis Healthcare shares also jumped 2% on healthy Q2 results. The company had reported 9.9% increase in its revenue to Rs 1,607 crore and a 27.9% rise in net profit to Rs 166 crore.

There were 32 advances and 18 declines with Hindalco and Tata Steel shining as metals stocks led the way. The pharma stocks were major laggards, with Divi's Lab, Sun Pharm and Dr Reddy's as the biggest losers.

Asian shares were mixed in Monday trading as momentum faded from last week's rally on Wall Street amid varied sentiments about coronavirus restrictions easing in China and global interest rate increases.

Benchmarks fell in Japan and South Korea while rising in China. Analysts say some investors are being cheered by signs inflation is abating in the US earlier than initially thought, while they warn factors to remain that could refuel inflation, including geopolitical risks.

(With PTI inputs)