Markets open higher in early trade

28/07/2016 09:26

The key domestic benchmark indices opened in a positive terrain in the morning trading session amid hopes for the passage of the Goods and Services Tax (GST) constitution amendment bill during the ongoing monsoon session of parliament.

However, the gains at local bourses may be restricted as investors may resort to a cautious approach ahead of the July derivatives expiry and also due to a sell-off across markets in Asia following the US Federal Reserve’s decision overnight with the world’s top central bank reiterating its intention to tighten interest rates gradually even as the US economy shows signs of improvement.

At 09:20 AM, the Bombay Stock Exchange bellwether Sensex was at 28083.74 up by 59.41 points or by 0.21 per cent, while the NSE Nifty was at 8636.95 points, trading higher by 21.15 points or by 0.25 per cent.

The BSE Sensex touched an intraday high of 28108.78 and an intraday low of 28073.18 while the NSE Nifty touched an intraday high of 8636.95 and an intraday low of 8636.95

The top gainers of the BSE Sensex pack were Bharti Airtel Ltd. (Rs. 377.20,+1.25 per cent), ICICI Bank Ltd. (Rs. 272.65,+1.02 per cent), Asian Paints Ltd. (Rs. 1070.60,+0.83 per cent), Adani Ports & Special Economic Zone Ltd. (Rs. 230.30,+0.81 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 224.50,+0.70 per cent), among others.

Meanwhile, Tata Steel Ltd. (Rs. 356.00,-1.90 per cent), NTPC Ltd. (Rs. 157.65,-0.85 per cent), Infosys Ltd. (Rs. 1080.00,-0.69 per cent), Housing Development Finance Corporation Ltd. (Rs. 1381.00,-0.49 per cent), Hindustan Unilever Ltd. (Rs. 900.60,-0.33 per cent), were among the top losers on BSE.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total 1098 shares traded, 799 shares advanced, 251 shares declined while 48 were unchanged.

On the global front, Asian stocks were trading mixed today as traders were cautious ahead of the Bank of Japan policy decision on Friday while digesting the outcome of the FOMC meet on Wednesday. The US markets ended mixed in the previous trading session as traders assessed the FOMC decision for clues over the timing of the next rate hike.


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