Markets open higher in early trade

04/10/2016 09:25

The key domestic benchmark indices opened higher in the morning trading session ahead of the Reserve Bank of India’s policy review later in the day, tracking a mixed trend across markets in Asia. Traders are hoping that the newly constituted Monetary Policy Committee (MPC) headed by Patel may cut interest rates by 25 bps amid the recent dip in consumer inflation.

Besides rate cut hopes, positive global cues and steps taken by India and Pakistan to ease military tensions also boosted market sentiment.

At 09:20 AM, the Bombay Stock Exchange bellwether Sensex was at 28379.74 up by 136.45 points or by 0.48 per cent, while the NSE Nifty was at 8775.30 points, trading higher by 37.20 points or by 0.43 per cent.

The top gainers of the BSE Sensex pack were Hero MotoCorp Ltd. (Rs. 3581.70,+1.67 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 264.00,+1.46 per cent), Tata Motors Ltd. (Rs. 547.65,+1.29 per cent), Adani Ports & Special Economic Zone Ltd. (Rs. 267.40,+1.12 per cent), Cipla Ltd. (Rs. 594.85,+1.05 per cent), among others.

Meanwhile, Bharti Airtel Ltd. (Rs. 317.00,-0.55 per cent), Housing Development Finance Corporation Ltd. (Rs. 1421.50,-0.25 per cent), Coal India Ltd. (Rs. 327.60,-0.08 per cent), Axis Bank Ltd. (Rs. 550.65,-0.05 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 1047 shares traded, 841 shares advanced, 171 shares declined while 35 were unchanged.

On the global front, Asian stocks were trading mixed today as rebound in oil prices and growth in US manufacturing bolstered sentiment. US stocks closed lower in the previous trading session amid renewed concerns about the UK’s exit from the European Union and Deutsche Bank’s liquidity, undermining stronger-than-expected manufacturing data.

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