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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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Indian Currency. Pixabay

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)

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

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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)