Sensex regains 39K, Nifty tests 11,750 resistance; Ramco, Rolta India stocks dip, RCom gains
The BSE Sensex opened 62 points higher from the previous day and regained the psychological 39,000 levels that it had lost yesterday. The 50-stock Nifty is testing the 11,750 resistance after opening 20 points higher.
Opening Bell: Stok market of India opened on a subdued note as investors await the US job data. However, the market experts are of the opinion that overall FII sentiment is positive and so does the Indian share market outlook. The BSE Sensex opened 62 points higher from the previous day and regained the psychological 39,000 levels that it had lost yesterday. The 50-stock Nifty is testing the 11,750 resistance after opening 20 points higher in the early morning trade.
Giving an idea about the Indian stock market SEBI registered technical equity analyst Simi Bhaumik said, "Indian share market is range-bound but overall the sentiment is bullish. So, the Dalal Street investors are advised to adopt buy on dips strategy till the 50-stock Nifty trades in the range of 11,500 to 11,750 levels."
IT stocks led the bear run in early morning trade session as the BSE IT index lost near 0.75 per cent. IT major Rolta India stocks lost 4.85 per cent, Ramco Systems share price plunge 3.26 per cent, Mastek counter crashed 2.34 per cent, TCS went off 2.1 per cent, Larsen & Toubro Infotech shares went down over 3 per cent while Infosys stocks dipped around 1.25 per cent.
See IndiaNivesh Nifty Trend chart below:
Source: IndiaNivesh Securities
However, consumer durable stocks led the bull run as the BSE Consumer Durable Index went up over 1.25 per cent in early morning intraday trade. Consumer Durable major Tata Teleservices (Maharashtra) shot up around 4.85 per cent, Bharti Infratel shares surged 2.38 per cent, OnMobile Global share price jump2.15 per cent, Bharti Airtel counter rose around 1.2 per cent, shares of Sterlite Technologies and Tata Communications added near 1.5 per cent while Reliance Communications share price went northward near 4.5 per cent.
Asian share markets were subdued on Friday amid thin holiday trade although the dollar found support as investors pared expectations for a US rate cut this year while oil prices loitered near one-month lows on oversupply fears.
Australia`s benchmark index was last up 0.2 percent, New Zealand shares were off 0.5 percent while South Korea`s KOSPI slipped 0.3 percent. Trading volumes were light across Asia with markets in China and Japan still closed for holidays.
Overnight on Wall Street, major indices gave up initial gains and closed in the red, weighed down by energy shares.