Today's Stock Market Updates and News

9:39 am Demerger: Leisure and education travel group Cox and Kings (CKL) said it will demerge its foreign exchange division into a separate financial services entity - Cox and Kings Financial Service (CKFSL).

The company's board has approved the demerger, which is effective April 1, 2017, and is subject to High Court and other regulatory approvals, CKL said in a release.

Whilst the tours and travels and foreign exchange (Forex) businesses are complementary in nature, the businesses operate quite distinctly from each other, the company said.

9:29 am FII View: Sanjay Mookim of Bank of America Merrill Lynch said there is much investor anxiety about market valuations post the recent rally; with an increasing desire to find the still inexpensive/reasonably priced stocks.

The market is expensive and the breadth of re-rating is extraordinary, he added.

There is a strong chance the current valuations driven rally turns, Mookim said, adding the brokerage house stayed cautious with a Sensex December 2017 target of 30,000.

Recent history suggests buying inexpensive/laggard stocks does not help during such a correction, he feels.

9:15 am Market Check: Equity benchmarks were mixed in opening trade, with the Nifty holding 9,600 level amid consolidation, ahead of GDP data for the March quarter and FY17.

The 30-share BSE Sensex was down 9.32 points at 31,150.08 and the 50-share NSE Nifty fell 0.95 points to 9,623.60.

Mahindra & Mahindra was top gainer in early trade, up 3 percent; followed by Lupin, Bharti Airtel, GAIL, ICICI Bank, IOC and Hindalco.

Infosys, ITC, TCS, NTPC, ONGC and Aurobindo Pharma were early losers.

The Indian rupee rebounded to 64.55 against the US dollar after correction in previous session. It gained 11 paise compared with previous day's closing of 64.66 a dollar.

Pramit Brahmbhatt of Veracity expects the rupee to trade neutral against the dollar.

According to him, it is likely to trade in the range of 64.50-64.80 a dollar today.

Stocks in Asia were mostly higher, but the British pound fell on new poll results that showed UK Prime Minister Theresa May's Conservative Party could potentially lose its majority in parliament.

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