Sensex opens 86 points higher, Nifty above 25,100; RIL gains 1%
Benchmark stock market indices opened higher on Wednesday, tracking Asian markets and helped by positive news over US and India trade talks.The S&P BSE Sensex gained 104.24 points to 82,495.96, while the NSE Nifty50 added 36.70 points to 25,140.95 as of 9:31 am.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, saod that market is likely to continue in the consolidation range with a slight upward bias.advertisement
"A clear breakout above Nifty 25100 level, and sustaining above this level, will need sustained large buying. This can happen on positive news regarding a US-China trade deal," he added.The top gainers on the Sensex were led by Reliance Industries, which surged 1.54%, followed by Mahindra & Mahindra with a gain of 1.19%. Eternal Limited climbed 0.65%, while ICICI Bank rose 0.37% and NTPC added 0.28% to open higher.On the losing side, Kotak Mahindra Bank was the worst performer, declining 0.80%, followed by Bajaj Finance which fell 0.66%. Bajaj Finserv dropped 0.55%, HDFC Bank lost 0.48%, and Power Grid Corporation declined 0.43% during the early trading session."In the near-term the market will respond to news regarding the trade negotiations. If there is a clear agreement the market will respond positively and there is a high probability of Nifty breaking above 25100 and remaining above this level," said Vijayakumar.advertisement"Liquidity will support a mild rally. But a strong rally needs earnings support. There are no indications yet about a strong recovery in earnings. This will cap any short-term rally in the market," he added.The broader market indices showed positive momentum today. Nifty Midcap 100 gained 0.20%, while Nifty Smallcap rose 0.11%. India VIX, the volatility index, declined by 2.17%.Among the sectoral indices, several posted gains during the early trading session. Nifty Oil & Gas led the gainers with a rise of 1.85%, followed by Nifty Auto at 0.83%, Nifty Realty at 0.75%, Nifty Media at 0.46%, Nifty Metal at 0.31%, Nifty Pharma at 0.19%, Nifty Healthcare at 0.17%, and Nifty IT at 0.02%.Several indices opened in negative territory. Nifty FMCG declined by 0.27%, Nifty Consumer Durables fell 0.15%, Nifty Financial Services dropped 0.10%, Nifty PSU Bank lost 0.19%, and Nifty Private Bank declined 0.08%.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)Must Watch
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