Sensex opens 39.26 points higher; Mahindra, HDFC Bank, TCS, Infosys major gainers
Asian shares, however, extended their gains today as hopes for stimulus in major economies tempered anxiety about a global recession, boosting riskier assets and drawing money from safe-havens such as bonds and gold
The BSE index Sensex today opens 39.26 points higher at 37,441.75 against the previous close of 37,402.49, while NSE index opened flat at 11,053.65 and slipped to red. Among major gainers are include Mahindra, HDFC Bank, TCS, Infosys and Mahanagar Gas, while losers include Britannia, Yes Bank, JSW Steel, IOC, Bharti Infra, Tata Motors and ICICI Bank.
Amid positive global markets, neutral domestic institutional investors (DIIs) and futures and options (F&O) and negative foreign institutional investors (FIIs) cues, market sentiment is cautious today, according to Anil Singhvi, Zee Business' Managing Editor Anil Singhvi.
His market strategy suggests to buy MGL Futures with Stop loss 720 and target 750, 760. If BG Asia sells complete 10% stake, then MGL is a good buy at 730-750 range. Cover shorts and buy near to the block deal price.
Earlier on Monday, Sensex at the Bombay Stock Exchange (BSE) gained 52.16 points, or 0.14%, to settle at 37,402.49. Nifty, however, rose marginally by 6.10 points, or 0.06%, to end at 11,053.90. Bank Nifty was 30.90, or 0.11%, up and closed at 28,186.10.
On global front today, Asian shares extended their gains as hopes for stimulus in major economies tempered anxiety about a global recession, boosting riskier assets and drawing money from safe-havens such as bonds and gold, said a Reuters report, adding that MSCI`s broadest index of Asia-Pacific shares outside Japan rose 0.31%, while Japan`s Nikkei rose 0.45%. The improved mood was helped by a rally on Wall Street overnight, with the S&P 500 gaining 1.21%.
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Meanwhile, crude oil prices slipped today, but losses were limited as equity markets rallied and as traders reportedly hoped US-China trade tensions would ease. The United States said it would extend a reprieve that permits China`s Huawei Technologies to buy components from US companies, in a sign of a slight softening of the trade war between both countries, it added.