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Key Indian equity indices open higher after six-day fall

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Mumbai: After a fall for six consecutive days, key Indian equity indices unexpectedly opened higher on Thursday, as investors looked for fresh positions.

Analysts had expected the market to again open lower on account of developments both within the country and outside.

Against the previous close at 25,036.05 points, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 25,136.71 points. Within minutes into trading, the key index was ruling at 25,132.43 points, with a gain of 96.38 points, or 0.38 percent.

At the National Stock Exchange (NSE), too, the broader 50-share Nifty opened on the positive note and was ruling at 7,644.20 points with a gain of 31.70 points, or 0.42 percent, over the previous close at 7,612.50 points.

The underlying sentiments, however, is one of caution as investors are concerned over the delays in the passage of some key economic legislations in parliament, such as the one to introduce a pan-Indian goods and services tax regime, analysts said before the markets opened for trading.

The mood will also remain affected by mixed signals from the Chinese economy and falling commodity prices.

On Wednesday, the two key Indian indices had ended in the red. While the 30-share Sensex ended with a loss of 274.28 points or 1.08 percent, Nifty fell 89.20 points or 1.16 percent.

Continuing net sales by foreign funds, ahead of a likely US rate hike, further depressing investors.

“After an early move in the Wednesday’s trading session, the US stocks failed to sustain the upside move and closed in the negative territory. The positive movement was mainly fueled by a slight rebound in oil prices,” Angel Broking said in an analysis, ahead of the opening bell in India.

“The European markets also continued to slide and closed on a negative note. The encouraging economic data from Japan and China failed to boost investor sentiment amidst lower crude and commodity prices,” the brokerage said.

In the Asia-Pacific markets, the sentiments appeared to be mixed. Japan’s Nikkei and Australia’s S&P/ASX 200 were down, but Hong Kong’s Hang Seng and China’s Shanghai Composite were up after paring some early losses on Thursday morning. South Korean Kopsi was flat.(ians)

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Key Indian Indices traded in Green: Healthy Buying witnessed in Oil and Gas, Banking and IT Stocks

The wider 51-scrip Nifty of the National Stock Exchange edged up by 27 points or 0.33 per cent to 8,155.75 points

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Mumbai, December 6, 2016: Hopes of a monetary policy easing, coupled with broadly positive global cues, along with rupee appreciation marginally lifted the Indian equity markets during the mid-afternoon trade session on Tuesday.

The key Indian indices traded in the green, as healthy buying was witnessed in oil and gas, banking and IT stocks.

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The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged up by 27 points or 0.33 per cent to 8,155.75 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 26,403.62 points, traded at 26,432.73 points (at 1.45 p.m.) — up 83.63 points or 0.32 per cent from the previous close at 26,349.10 points.

The Sensex has touched a high of 26,502.43 points and a low of 26,393.99 points during the intra-day trade so far.

The BSE market breadth was skewed in favour of the bulls — with 1,633 advances and 828 declines.

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“The markets traded on a flat-to-positive note following largely positive global indices and the rupee gaining momentum,” Astha Jain, Senior Research Analyst at Hem Securities, told IANS.

“Investors’ sentiments are buoyant on the hopes of a repo rate cut by the RBI by 25 basis points.”

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, IT, oil-gas, cement and power stocks traded with firm sentiments.

“However, banking, pharma, textile and aviation stocks traded with bearish sentiments,” Desai said.

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“Auto and media-entertainment stocks witnessed resistance at higher levels due to profit booking.”

On Friday, the equity markets closed on a higher note, as investors’ sentiments were buoyed on hopes of a monetary policy easing and positive global cues.

The barometer index was up 118.44 points or 0.45 per cent , while the NSE Nifty rose by 41.95 points or 0.52 per cent. (IANS)

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