Indian stock market opens higher, IT stocks shine
The domestic benchmark indices opened in green on Wednesday amid positive global cues, as buying was seen in the IT and auto sectors in the early trade
- MUMBAI — The domestic benchmark indices opened in green on Wednesday amid
positive global cues, as buying was seen in the IT and auto sectors in the
early trade.
-
- At around 9.32 am, Sensex was trading 536.4 points or
0.67 per cent up at 80,132.01 while the Nifty added 150.10 points or 0.62 per
cent at 24,317.35.
-
- Nifty Bank was up 187.10 points or 0.34 per cent at
55,834.30. The Nifty Midcap 100 index was trading at 54,756.85 after adding
359.70 points or 0.66 per cent. Nifty Smallcap 100 index was at 17,013.20 after
climbing 109.55 points or 0.71 per cent.
-
- According to market watchers, despite speculation
surrounding US President Donald Trump's influence on Federal Reserve policies,
Nifty's technical outlook remains robust above its 200-DMA at 24,051.
-
- "The next target for Nifty is pegged at 24,858, with
immediate supports at psychological levels of 24,000 and its 100-DMA at 23,397.
Positive catalysts include India's potential gains amidst US-China trade
tensions," said Prashanth Tapse, Senior VP (Research), Mehta Equities.
-
- Meanwhile, in the Sensex pack, HCL Tech, Tech Mahindra,
Infosys, IndusInd Bank, TCS and Tata Motors were the top gainers. Whereas, only
Kotak Mahindra Bank and Asian Paints were the top losers.
-
- In the last trading session, Dow Jones in the US added
2.66 per cent to close at 39,186.98. The S&P 500 climbed 2.51 per cent
to 5,287.76 and the Nasdaq added 2.71per cent to close at 16,300.42.
-
- "President Trump’s message that he has no intention
of firing the Fed chief has calmed the US markets. Trump’s remarks on Chinese
tariffs indicate that he might reduce the US-China tensions. The sustained
buying by FIIs is a strong support to Indian markets," said experts.
-
- In the Asian markets, Jakarta, Seoul, Japan, Hong Kong,
Bangkok and China were trading in green.
-
- The foreign institutional investors (FIIs) bought
equities worth Rs 1,290.43 crore on April 22. Meanwhile, domestic institutional
investors (DIIs) sold equities of Rs 885.63 crore on the same day.
