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Sensex, Nifty Seen Opening Marginally Higher

Sensex, Nifty Seen Opening Marginally Higher

Key Indian equity indices on Thursday broke their three-day losing streak and provisionally closed in the positive territory, with the BSE Sensex surging over 300 points during the mid-afternoon session. Some buying in select IT, banking and oil & gas counters further lifted benchmark equity indices. BSE Sensex zoomed 162 points or 0.49% to 32,922.52 while the wider NSE Nifty was up by over 40 points or 0.40% at 10,159.00 during early morning trade on Thursday.

At the close, the benchmark 30-share index, BSE Sensex gained 346.38 or 1.06% at 33,106.82.

Stocks have made little headway this month as scant progress on USA tax reform and record high levels for many markets restrict appetite for risk-taking investments.

"On Thursday, oil markets were stable as rising U.S. stocks were countered by expectations that OPEC (Organisation of Petroleum Exporting Countries) will extend an ongoing production cut during a meeting at the end of this month", Desai told IANS.

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Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined.

Nikhil Kamath, Co-Founder and Head of Trading, Zerodha said, "Constant buying throughout the session took Nifty over a per cent higher to close above the 10,220 level". "Sun Pharma suffered the most among Sensex components by tumbling 2.54 per cent after the pharma major on Tuesday reported a big drop in consolidated net profit", added Desai. The scrip closed at Rs 989.95 against previous close of Rs 951.80.

Provisional data with the exchanges showed that foreign institutional investors sold stocks worth Rs 447.42 crore, while domestic institutional investors purchased scrips worth Rs 847.45 crore. Find us on Facebook too!


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