Sensex opens flat, above 38-000 mark on Tuesday; Nifty at 11,598.85
Business | April 09, 2019 10:07 ISTMarket may see some profit booking in the near-term given sharp run-up in markets.
Market may see some profit booking in the near-term given sharp run-up in markets.
Meanwhile, the Indian rupee was trading lower by 27 paise at 69.50 against the US dollar in early trade on Monday.
The BSE gauge Sensex was trading 200.69 points, or 0.52 per cent, higher at 38,885.41.
The Sensex was down by 179.53 points or 0.46 percent at the Wednesday's closing.
According to experts, inflow of foreign liquidity in expectation of rate cut from the Reserve Bank of India (RBI) and revival in earnings will provide some stability in the market.
At 9.23 a.m., the Sensex traded at 38,942.91, higher by 270 points or 0.70 per cent from the previous close of 38,672.91 points.
Top gainers include IndusInd Bank, SBI, Sun Pharma, Bharti Airtel, L&T, Bajaj Finance, Axis Bank and Tata Motors, rising up to 3.62 per cent.
Following yesterday's rally, the shares of Jet Airways gained another 6 per cent with its founder and Chairman Naresh Goyal and his wife Anita Goyal stepping down from the crisis-hit airline's board.
The Nifty of the National Stock Exchange (NSE) opened at 11,395.65 after closing at 11,456.90 on Friday.
Top gainers in early trade include HCL Tech, IndusInd Bank, HDFC Bank, HUL, Axis Bank, Bajaj Auto, RIL, SBI and Infosys, rising up to 2.58 per cent.
Traders said sustained inflow of foreign funds and positive cues other Asian equities boosted investor sentiment.
The BSE benchmark Sensex soared 383 points to reclaim the 37,000 mark Monday, posting its biggest gain in nearly six months
With the EC announcing dates for the much-awaited 2019 general elections, market analysts say a pre-poll rally is likely to continue, citing historical data which suggests a positive trend in the stock market in case the incumbent returns to power.
As many as 31 stocks declined in the Nifty 50 index while 17 stocks advanced and two remained unchanged.
On BSE, ICICI Bank, SBI, Vedanta were leading the gainers chart.
Globally, investors tracked losses on Wall Street, where the global rally hit a bump as optimism that the world's top two economies are heading for a tariffs deal was replaced by a need for clarity on any agreement.
One can expect the market to be volatile for the next few days as the political environment comes under pressure.
In the past nine sessions, the Sensex had lost 1,622.62 points, while the Nifty cracked 465.05 points over eight trading days.
Vedanta, ICICI Bank, ONGC, M&M, L&T, Tata Steel, SBI, Bajaj Finance, Bharti Airtel and ITC were among the gainers, rising up to 3.38 per cent.
Investor sentiment was positive on strong buying by domestic institutional investors (DIIs), said traders.
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