Stock market opening bell: Sensex, Nifty rise on positive FII sentiments, neutral global indicators
The BSE Sensex and Nifty rose due to the positive FII, neutral Future and Option and global indicators and negative domestic institutional investors.
Indian indices Sensex and Nifty rose on positive foreign institutional investors (FII) and neutral global indicators on Thursday as investors still await fresh cues from the Sino-US trade talks. The BSE Sensex rose 46 points to 36,682 levels while the 50-stock Nifty index sustained above the psychological 11,000 levels by adding 10 points from its Wednesday close.
Commenting upon the current market trends, Simi Bhaumik, a SEBI registered technical equity analyst told Zee Business, "I have been maintaining that if the markets close above 11,000 levels for two consecutive days, only then we can expect a bull run at the Indian indices. Yesterday the Nifty closed at 11,077 levels. If it closes above the psychological levels today also, then we can expect a bull run in the coming days. Also, if it breaks below the 11,000 levels, I would go to my previous prediction that the market is range-bound in 10,500 to 10,950 levels."
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Shares of Kwality, Sun Teck, Astral, Avanti and Gujarat Gas were the top five gaining stocks with gains of 4.87 per cent, 3.97 per cent, 3.71 per cent, 4.34 per cent and 3.96 per cent respectively. BSE indices of power, consumer durables and PSU were up by near half a per cent.
The BSE power index led the Dalal Street rally by adding more than 1 per cent from its Wednesday close. The index major Tata Power Company added near 1.4 per cent, shares of Power Grid Corporation of India rose by more than 1.5 per cent, CG Power and Industrial Solutions counter scaled near 1.2 per cent and Adani Transmission Ltd shares jump by more than 1 per cent.
Asian shares too rose marginally in early trade on Thursday, with caution prevailing as investors awaited some kind of resolution to Sino-US trade negotiations, while the euro remained under pressure ahead of the European Central Bank meeting.
Japan's Nikkei average fell 0.78 per cent, Hang Seng went off by around 0.36 per cent, South Korean index Kospi went down by around 0.2 per cent, Shanghai index nudged higher by near 0.06 per cent while Australian shares added 0.2 per cent.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1 per cent in early trade. It was not far from its five-month high marked last week and was up 10.4 per cent year-to-date.
Overnight, Wall Street's main indexes fell for a third session on heavy sell-off in healthcare and energy stocks, with the S&P 500 posting its biggest one-day decline in a month, as investors sought reasons to buy after the market's strong rally to start the year.