The Indian market opened higher today. Sensex rose 253 points to 59,020 and Nifty gained 77 points to 17,619 in early trade. Benchmark indices closed lower on Thursday amid weak global cues and a sell-off in IT stocks. Sensex fell 770 points to close at 58,766 and Nifty declined 216 points to settle at 17,542. Reliance Industries, TCS, Sun Pharma, Tech Mahindra and HUL were the top Sensex losers, falling up to 2.99 per cent. Bajaj Finserv, Asian Paints and Bharti Airtel were the top Sensex gainers, rising up to 2.58 per cent.
IT, oil and gas and metal shares were the top sectoral losers with their BSE indices falling 484 points, 359 points and 298 points, respectively.
Stocks in news: Adani Enterprises, Route Mobile, Eicher Motors, Hero MotoCorp and more
Here’s a look at live market updates today.
9:17 am: Market update
Sensex rises 253 points to 59,020 and Nifty gains 77 points to 17,619 in early trade.
9:10 am: Preopen comment
Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities Ltd
“Local benchmark indices are likely to log gains in early trades Friday amid mixed Asian market cues, and if global cues improve then there is a bright chance that Nifty could scale higher. The effect of Jackson Hole is still revolving across financial markets with a soaring dollar and falling equities as the main themes. Overnight, the US Dollar index spiked to a fresh multi-decade high near 110.00, while the U.S. Treasury yields rising again with the 2-year/10-year yield curve remaining inverted at around 26 basis points, which is a key recession warning. Technically, Nifty is likely to be in a trading range of 16500-18500 zone, while the 18000 mark will be Nifty’s crucial resistance zone.”
8:29: Expert take
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
“The short-term trend remains range bound with high volatility. There is a possibility of an upside bounce from near the lower support of 17,350-17,300 levels in the short term. Immediate resistance is placed at 17,650 levels.”
Rupak De, Senior Technical Analyst, LKP Securities
“The momentum indicator is in a bearish crossover indicating bearishness. On the lower end, 17,400 may continue to act as crucial support, below which the index may become weak again. On the higher end, resistance is visible at 17,700.”
8:25 am: SGX Nifty
The Indian market is likely to open flat today as SGX Nifty rose 8 points to 17,576. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.
8:10 am: Market on Thursday
Benchmark indices closed lower on Thursday amid weak global cues and a sell-off in IT stocks. Sensex fell 770 points to close at 58,766 and Nifty declined 216 points to settle at 17,542. Reliance Industries, TCS, Sun Pharma, Tech Mahindra and HUL were the top Sensex losers, falling up to 2.99 per cent. Bajaj Finserv, Asian Paints and Bharti Airtel were the top Sensex gainers, rising up to 2.58 per cent.