Indian equity benchmarks continued to move around their Friday's closing value due to lack of global and local cues. The market is waiting for government's action over diesel price as sources says the government may hike diesel price after presidential election (that will be on July 19).
Banks, healthcare, oil & gas and auto (barring Tata Motors) stocks were trading higher whereas technology, infrastructure and metals stocks were down.
The BSE benchmark was down just 7 points to 17,206.52 while the NSE benchmark rose 3 points to 5,230.10.
The Indian rupee, which hit a fresh one-week high of 54.78 intraday, appreciated by just 6 paise to 55.08 against the US dollar.
Jayesh Mehta, managing director and country treasurer at Bank of America says, it's is a technical bounce. "There is a lot of expectation from the new finance minister, government to do something. GAAR also has helped," he adds.
According to him, the rupee is trapped in 54-56 range in the near-term. "I