Business

Sensex Surges Over 150 Points, Nifty Above 10,550

Written by Taasir

Taasir Urdu News Network | Uploaded on 06-November-2018

The domestic stock markets opened in the green on Tuesday, a day ahead of Diwali. The S&P BSE Sensex started at 35,076.24 as compared to Monday’s close of 34,950.92. The Nifty50 index of the National Stock Exchange (NSE) opened at 10,552, against its previous close of 10,524. At 10 am, the 30-share Sensex traded at 35,110.82, with a gain of 159.90 points or 0.46 per cent and the 50-crip Nifty was at 10,570.65, up 46.65 points or 0.44 per cent.

The intraday high of the Sensex so far was 35,196.03 while that of the Nifty was 10,600.25.

Twenty six out of 50 Nifty stocks advanced in trade.

IT stocks led the gains in the sectoral landscape as the Nifty IT- the index of IT stocks – gained 1.12 per cent.

Gaining between 0.33 per cent and 8.53 per cent, the top five Nifty gainers were Vedanta, Sun Pharma, State Bank of India, Yes Bank, and HDFC.

Technical experts suggest that Nifty may march towards 10,700. “In the recent chart structure on the lower time frame chart mainly on hourly Nifty is oscillating in an escalating channel where the first line of support is placed near 10,450 mark, also supporting oscillator RSI is taking support of intermediate trend line. We are expecting the movement may continue towards northern trajectory towards 10,700,” said Dyaneshwar Padwal, AVP Technical Analyst, KIFS Trade Capital.

In the forex market, rupee advanced 21 paise to 72.91 against the US dollar.

In the commodities market, oil prices were weighed down by exemptions from US that will allow Iran’s biggest oil customers to keep buying from Tehran, as well as concerns that an economic slowdown may curb fuel demand growth. US West Texas Intermediate (WTI) crude futures were at $62.95 a barrel at 0355 GMT or 9:25 am IST, down 15 cents, or 0.2 per cent, from their last settlement, reported news agency Reuters.

In global markets, MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.15 per cent while Japan’s Nikkei gained 0.5 per cent, a day after both fell more than one per cent, Reuters stated.

In overnight trade, the S&P 500 rose with boosts from financial, energy and defensive sectors as investors showed some caution on the eve of US congressional elections. (With Reuters inputs)

 

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