Sensex up 200 points, Nifty opens above 10,850; Indian Hotels, Lemon Tree Hotels, HPCL, Graphite India, Wockhardt top gainers
Amid neutral global market, foreign institutional investors (FIIs), domestic institutional investors (DIIs), futures and options (F&O) and negative sentiment cues, the short-term trend of the domestic Indian share market is likely to be negative today.
Benchmark indices open in green today with Nifty above 10,850. The Sensex is up 195.08 points at 36676.17, while Nifty is up 58.80 points at 10876.40. Major gainers on the indices are Indian Hotels, Lemon Tree Hotels, HPCL, Graphite India, Wockhardt, NCC, IOC, BPCL, Yes Bank, and Hero Moto, while major losers include Britannia, Cipla, ONGC, Infosys and Dr Reddy.
On Tuesday, key benchmark indices tumbled for the second consecutive day, following a surge in global crude oil prices after attacks on Saudi Arabia's oil facilities. Selling was seen across all sectors with auto shares declining the most, but certain stocks came to fore after the market was closed for trading and they can have an impact on the indices today when it reopens. According to Zee Business report, these five stocks include Bajaj Finance Limited, Yes Bank, Dixon Tech, Indian Hotels/EIH/Taj GVK, and Dewan Housing Finance Corporation (DHFL).
Amid neutral global market, foreign institutional investors (FIIs), domestic institutional investors (DIIs), futures and options (F&O) and negative sentiment cues, the short-term trend of the domestic Indian share market is going to be negative on Wednesday, the report said.
On September 17, domestic equity indices plunged around 1.70 per cent. Sensex at Bombay Stock Exchange tumbled 642.21 points or 1.73% to end at 36,481.09, while Nifty at National Stock Exchange declined 185.90 points or 1.69% to settle at 10,817.60.
On global front, oil prices cooled today as Saudi Arabia said the kingdom had fully restored its oil supply following attacks on its crude facilities although caution ahead of an expected US interest rate cut kept wider financial markets in tight ranges. US Treasury yields slipped ahead of an expected interest rate cut by the Federal Reserve at its two-day policy meeting on Wednesday, said a Reuters report.
MSCI`s broadest index of Asia-Pacific shares outside Japan was up 0.05% while Japan`s Nikkei slid 0.03%, the report said, adding that Wall Street shares ticked up a tad on Tuesday with the S&P 500 gaining 0.26%. Brent crude futures fell 0.64% to $64.14 a barrel while US West Texas Intermediate (WTI) crude lost 0.78% to $58.88 per barrel.
Gold was mostly flat at $1,501.70, while the 10-year US Treasuries yield reportedly fell to 1.812%, compared to Friday`s high of 1 1/2-month high of 1.908% ahead of the Fed`s policy announcement on Wednesday.
The ongoing US-China trade war has raised policymakers` concerns about slowing factory output although resilient domestic consumption has given hawks some reasons to worry about cutting rates too hastily.
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In the currency market, the euro stood at $1.1071 after 0.6% gain the previous day on better-than-expected readings in Germany`s ZEW survey on investor confidence. Sterling traded at $1.2504 , up 0.06% so far on the day, having hit two-month high of $1.2528 as investors reversed their bets against the currency on fear of a no-deal Brexit at the end of next month. The yen, however, stood little changed at 108.10 yen, off 1 1/2-month low of 108.37 touched on Tuesday, Reuters added.
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