Nifty hits 7500, Sensex firm; SBI, ICICI, TCS drag

The market has opened flat on Tuesday but soon gained strenght. The Nifty hit 7500, up 16.55 points and the Sensex is up 50.62 points or 0.2 percent at 24697.10. 

Hindalco, ONGC, Coal India, Infosys and HDFC are top gainers and SBI, ICICI Bank, TCS, Lupin and Adani Ports were losers.
The Indian rupee opened lower by 13 paise at 67.21 per dollar versus 67.08 Friday. The dollar fell against a basket of currencies as big gains in oil prices rekindled demand for the euro and commodity-sensitive currencies.
Asian markets were trading mixed following a mild finish from US equities overnight. Revised government data showed the economy shrank at an annualized 1.1 percent in the final quarter of 2015. China's February trade figures are also due.
Foreign currency reserves of China fell to USD 3.2 trillion at the end of February, dropping from USD 3.23 trillion the previous month, marking the fourth straight month of declines, although the pace of outflows slowed substantially.Metal pack has gained considering the rise in global commodity prices. Steel stocks are likely to be in focus after sharp rally in China steel prices. Tata Steel, Jindal Steel, JSWSteel, SAIL have all gained between 2%-6% each.

On the flip side, SBI, TCS, HUL, and ICICI Bank have dropped between 1% and 2% each.  
Among other shares, Ajanta Pharma has gained 3% after the company said it has received US FDA Approval for Almotriptan Malate Tablets.
Strides Shasun jumped 3% after the company plans to acquire 3 brands of Moberg Pharma for US $10 million.

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