Opening Bell: Sensex, Nifty open on China-US trade tension; Bulls pang on Fed rate cut hopes
The BSE Sensex nudged 30 points up at 38,853 wghile the Nifty 50 index edged 1 point lower at 11,581 levels. The Bank Nifty index went down 26 points at 30,30,686 levels.
Opening Bell: The stock market of India opened flat on renewed China-US trade tension. However, bulls hope still pang on the expected Fed rate cut hops. The BSE Sensex nudged 30 points up at 38,853 while the Nifty 50 index edged 1 point lower at 11,581 levels. The Bank Nifty index went down 26 points at 30,30,686 levels. Shipping Corporation, Himadri Speciality and Oberoi Realty were among the top gaining stocks while Cox & Kings, Manpasand Beverage, KPR MillGraphite India and Monsanto India were among the top losing stocks in the intraday trade.
Giving his idea on the current market scenario Deepak Jasani, Head Retail Research, HDFC Securities said, "In India, markets could behave flat to mildly lower today in the morning session. It could later attempt to cross 11,600 and gain some more. Last week the Nifty closed at 10,811. China trade data and India IIP and CPI numbers are due today. Technically, the Nifty could now face resistance at 11,627-11,648 band, while 11,536 could provide support. Auto, Metals and Healthcare indices could do well. Among stock under coverage, Majesco, SBI, Dr. Reddys, Birla Corp, Bharat Forge, IndusInd Bank, DCB Bank could do well."
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Consumer Durable stocks led the bulls run on Dalal Street in the morning trade session as the BSE Consumer Durables Index rose 0.44 per cent. Consumer Durables major Symphony share price went up 1.48 per cent, shares of VIP Industries rose 1.7 per cent and Titan Company counter added 0.73 per cent.
FMCG stocks also witnessed some buying in the morning trade session as the BSE FMCG index went up near 0.3 per cent. FMCG major Balrampur Chini Mills share price shot up 2.33 per cent, shares of DCM Shriram Industries went up 1.1 per cent, Dalmia Bharat Sugar and Industries soar 1.47 per cent, Emami counter rose 2.13 per cent, Eveready Industries India stocks scaled 2.44 per cent, GlaxoSmithKline Consumer Healthcare went northward 1.22 per cent while Gujarat Ambuja Exports scrip jumped 2.38 per cent.
Among Asian markets, the Japanese Nikkei 225 index added 0.18 per cent, South Korean Kospi went up 0.38 per cent, Hang Seng scaled 0.42 pe cent while the Shanghai Composite Index went northward 0.46 per cent.