The key domestic benchmark indices were trading higher in the morning trading session tracking a buoyant trend across markets in Asia and a strong finish at Wall Street overnight as a rally in crude oil prices boosted energy stocks while upbeat US services data signaled strength in the world’s biggest economy, boosting risk taking appetite.
A better outlook for Asia’s third biggest economy amid the 25 basis points interest rate cut by the Reserve Bank of India (RBI) this week which may help revive investment and boost consumption may support sentiment at Dalal Street.
At 10:15 AM, the Bombay Stock Exchange bellwether Sensex was at 28309 up by 88.02 points or by 0.31 per cent, while the NSE Nifty was at 8771.75 points, trading higher by 27.8 points or by 0.32 per cent.
The BSE Sensex touched an intraday high of 28326.73 and an intraday low of 28238.09 while the NSE Nifty touched an intraday high of 8774.8 and an intraday low of 8741.35
The top gainers of the BSE Sensex pack were GAIL (India) Ltd. (Rs. 411.65,+2.75 per cent), Reliance Industries Ltd. (Rs. 1114.95,+2.35 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 270.55,+1.42 per cent), Hindustan Unilever Ltd. (Rs. 880.40,+1.04 per cent), Tata Motors Ltd. (Rs. 561.90,+0.68 per cent), among others.
Meanwhile, Axis Bank Ltd. (Rs. 529.60,-1.14 per cent), Infosys Ltd. (Rs. 1034.35,-0.65 per cent), Adani Ports & Special Economic Zone Ltd. (Rs. 264.85,-0.34 per cent), State Bank of India (Rs. 259.80,-0.29 per cent), Coal India Ltd. (Rs. 320.85,-0.28 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 2188 shares traded, 1490 shares advanced, 603 shares declined while 95 were unchanged.
On the global front, Asian stocks were trading higher today as bets rose that the US Federal Reserve may cut interest rates this year as data suggested that the US economy was regaining momentum. US stocks closed higher in the previous trading session as investors cheered upbeat US services data and a slight advance in August factory orders.
The key domestic benchmark indices continued to hover in red during the late noon trading session tracking weak cues from the European counters.
At 14:20 hours, the 30-share benchmark index was trading at 28258.32 down by 76.23 points or by 0.27 per cent, while the NSE Nifty was at 8759.4 down by 9.75 points or by 0.11 per cent.
Investor sentiment was dampened as Nikkei India Services Business Activity Index eased to 52 in September from 54.7 in August, pointing to a slower and moderate rate of expansion. Sentiments also remained subdued with a World Bank research predicting that the proportion of jobs threatened in India by automation is 69 per cent and in China it is 77 per cent.
In the choppy trade so-far, Sensex touched an intraday high of 28477.65 and an intraday low of 28209.19, while the NSE Nifty touched an intraday high of 8806.95 and an intraday low of 8731.4.
The top gainers of the BSE Sensex pack were Asian Paints Ltd. (Rs. 1207.00,+1.23%), State Bank of India (Rs. 262.40,+1.22%), Hindustan Unilever Ltd. (Rs. 869.75,+1.14%), Tata Motors Ltd. (Rs. 555.60,+1.14%), Maruti Suzuki India Ltd. (Rs. 5729.35,+0.87%), among others.
The top losers of the BSE Sensex pack were Oil And Natural Gas Corporation Ltd. (Rs. 267.20,-2.39%), Axis Bank Ltd. (Rs. 537.40,-1.72%), Mahindra & Mahindra Ltd. (Rs. 1398.00,-1.23%), Bajaj Auto Ltd. (Rs. 2859.95,-1.19%), Hero MotoCorp Ltd. (Rs. 3495.00,-1.03%), among others.
Among the sectors, IT index was at 10254.48 down by -57.59 points or by -0.56%. Mastek Ltd. (Rs. 131.70,-4.11%), Intrasoft Technologies Ltd. (Rs. 415.00,-1.91%), Moser Baer India Ltd. (Rs. 7.78,-1.89%), Majesco Ltd. (Rs. 475.20,-1.83%), 3i Infotech Ltd. (Rs. 5.88,-1.67%),.
The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2981 , shares advanced were 1727 while 1122 shares declined and 132 were unchanged.
On the global front, Asian peers ended the day on a positive note, while European counters were hovering in red on reports that the European Central Bank’s governing council had reached an informal consensus on winding down its quantitative easing programme.
At the Interbank Foreign Exchange Market, the partially convertible currency fell 3 paise at 67.15 per dollar from a previous close of 67.12 per dollar.
However, strong trading in domestic equity market capped downtrend of local currency.