Live Stock Market Updates – Sensex rallies over 150 points; Nifty above 8,000 mark
The Sensex, Nifty open in green on Friday morning. The domestic market is trading higher tracking positive trade in Asian markets even as investors weighed prospect of a higher interest-rate environment in the U.S.
On the economy front, PM Narendra Modi pushed for the need to move towards a digital economy, saying that people have the right to use their money, but that can also be done digitally.
At 10:02 AM, the S&P BSE Sensex is trading at 26,028 up 167 points, while NSE Nifty is trading at 8,032 up 67 points.
The BSE Mid-cap Index is trading up 0.85% at 12,128, whereas BSE Small-cap Index is trading up 1.20% at 11,933.
Tata Steel, Infosys, GAIL, TCS, Wipro and Asian Paints are among the gainers, whereas Tata Motors, Cipla, NTPC, Bharti Airtel and Dr. Reddy’s are losing sheen on BSE.
Some buying activity is seen in metal, IT, PSU Bank, media, pharma and Bank Nifty sectors, while auto sector is showing weakness on NSE.
The INDIA VIX is down 0.59% at 17.0575. Out of 1,874 stocks traded on the NSE, 269 declined, 1,213 advanced and 392 remained unchanged today.
A total of seven stocks registered a fresh 52-week high in trade today, while 59 stocks touched a new 52-week low on the NSE.
The Indian rupee opened marginally higher by one paise at 68.72/$ against the previous close of 68.73/$.
Asian markets opened in the green with commodities leading the charge as the yen hits 113 to the US$. The Japanese Nikkei stock index has entered a new bull market as exporters benefit from the falling yen. The Nikkei has risen from levels of sub 15000 on Brexit day to over 18000 today, which is further seeing flows unabated as investors chase higher returns in developed markets.
The demonetization drive is coming under severe criticism from the Opposition parties with former Prime Minister Manmohan Singh terming it as a ‘monumental failure’ in its implementation.
The Finance Minister shot back citing a litany of scams that had emerged during the previous government’s rule. One thing is for sure. The demonetization has sent most calculations awry – be it GDP growth, tax collections or the serpentine queues waiting for their money in cash form. The rupee continues to struggle breaching its Aug 2013 lows and is flirting near the 69 per dollar mark.
Foreign investors are net short 3,086 contracts in the index futures. The rollovers were better than anticipated at 61 pc but much lower than the three-month average of 75 pc. A strong earthquake rattled Central America raising concerns of tsunami waves. Oil prices moved higher ahead of next week’s crucial OPEC meet.