Indian markets open in green; Coal India shares gain 1.14%
Indian markets made a rebound on Monday, opening in the green following global indices.
At 9.33 am, Sensex was trading at 29,747.43 above 40 points or 0.14%, while Nifty was trading at 9,212.55 up by 14 points or 0.15%.
HDFC Securities said, “Our markets, which were terrified on Friday, are likely to breathe easy this morning. As the fall out of the U.S. missile strike on Syria is contained. Markets tend to shoot first and ask questions later. Crude shot up on missile strike without realizing that Syria produces just 30,000 barrels a day, less than 5% of India's production. We have observed that when our markets have to react to an international event, before the U.S. markets, they tend to make heavy weather of it.”
While Motilal Oswal said, “Overall market will be focused on earnings. In the banking space, we like Yes Bank on back of strong earnings growth and relatively lower valuations compared to top names. OMC space remains attractive from a valuations perspective.”
Investors will keenly watch India Inc's fourth quarter season (January – March 2017 period) performance and outlooks for financial year 2017 – 18.
Top gainers on BSE involved Coal India trading at Rs 286.80 a piece up by 1.14%, followed by Reliance Industries at Rs 1,416.60 a piece ( 1.03%), TCS at Rs 2,445.55 a piece (0.76%), Cipla at Rs 592.45 a piece (0.63%) and Tata Motors at Rs 470.05 a piece (0.44%).
Losers were HDFC (Rs 1,472.45 a piece), Gail India (Rs 383.95 a piece), Wipro (Rs 509.05 a piece), Asian Paints (Rs 1,075 a piece) and Power Grid ( Rs 194.60 a piece) trading negative in the range of 0.30% - 0.80%.
Meanwhile INR was trading higher against USD. The rupee was trading at 64,465 up by 0.195 paisa or 0.32% against dolalr.
Asian markets were at mixed bag on Monday. A Reuters report said, “Asian stocks started the week on a cautious footing on Monday as increased geopolitical risks prompted investors to favour safe-haven bets such as government debt while the dollar benefited from comments from a U.S. central banker.”
Japan's Nikkei 225 soared over 122.12 points or 0.65% trading at 18,786.72, while Hong Kong's Hang Seng was above 13 points or 0.05% trading at 24,280.48.
China's Shanghai SE Composite Index was below 8 points or 0.26% trading at 3,278.11.