Sunday May 19, 2019
Home Business Key Indian eq...

Key Indian equity indices open higher after six-day fall

0
//

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)

(Picture credit:stocklook.files.wordpress.com)

 

Next Story

Asian Markets Fall Steeply over Signs of Escalating US-China Trade Tension

Trump has already imposed tariffs on $250 billion worth of Chinese goods and is now threatening to tax nearly all of the products China exports to the US

0
asian markets, US-China trade tensions
Trump threatened to impose fresh trade tariffs worth $200 billion on Chinese goods in an attempt to force additional concessions. Wikimedia

Indian markets in line with the Asian markets fell steeply over signs of escalating US-China trade tension on Monday. On Sunday night, US President Donald Trump threatened to impose fresh trade tariffs worth $200 billion on Chinese goods in an attempt to force additional concessions.

The benchmark Sensex fell up to 450 points. The Sensex of the BSE opened at 38,719.33 from its previous close at 38,963.26 on Friday. At 9.25 a.m., the Sensex traded at 38,578.53 lower by 384.73 points or 0.99 per cent.

US-China trade talks, asian markets
Trump has already imposed tariffs on $250 billion worth of Chinese goods and is now threatening to tax nearly all of the products China exports to the US. Wikimedia

The Nifty50 of the National Stock Exchange (NSE) opened at 11,605.80 after closing at 11,712.25 on Friday. The Nifty traded at 11,607.75 during the morning trade session, down 104.50 points and 0.89 per cent.

ALSO READ: India, China, Turkey Silently Purchasing Iran’s Crude Oil as US Ban Begins

Trump’s threats came right ahead of a critical week of final negotiations between the two country to end the year-long tit-for-tat trade war which has roiled financial markets ever since it started.

He has already imposed tariffs on $250 billion worth of Chinese goods and is now threatening to tax nearly all of the products China exports to the US. (IANS)