Sensex Turns Flat After Hitting Fresh High
Indian shares opened marginally higher on Thursday tracking muted global cues with Sensex rising over 50 points to a fresh high of 30,184.22 and Nifty gaining nearly 8 points to 9,363.4. The rupee also advanced further gaining as much as 14 paise against the dollar to 63.98 compared to its previous close of 64.12.
Analysts say markets are likely to pause for a while after rallying for three consecutive sessions. The Sensex has jumped over 2.5 per cent in last three trading sessions. Meanwhile, volatility is also expected during intraday trade due to expiry of April series future and options contracts.
Among sectors, auto was the biggest gainer with Nifty Auto – National Stock Exchange’ sub-index for auto stocks- gaining 0.67 per cent. FMCG, IT and pharma were the other sectoral gainers in the index.
Among Nifty50 stocks, Tata Motors was the top gainer, up 1.48 per cent followed by Kotak Mahindra Bank, which gained 1.3 per cent. The private sector lender will report its earnings later in the day. Tata motors DVR, Zee Entertainment, Infosys were the other major gainers in the index.
Meanwhile, Axis Bank, which reported its earnings post market hours on Wednesday, fell 2.5 per cent to be the top loser in the Nifty followed by Hindalco, Bharti Infratel, HDFC, ICICI Bank and Bank of Baroda, which fell between 0.6-1.2 per cent each.
As of 10.28 am, Sensex was down 69 points at 30063.92 while Nifty traded 10.85 points lower at 9341.
Elsewhere, other Asian shares ticked down from a near two-year high on Thursday after a long-awaited U.S. tax plan failed to inspire investors, though sentiment remains supported by global growth prospects and receding worries about political risks in Europe.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.1 per cent after hitting its highest level since June 2015 on Wednesday. Japan’s Nikkei dipped 0.2 per cent.
On Wall Street, the S&P 500 ended down 0.05 per cent, failing to cling to earlier gains made on optimistic views on corporate earnings. (With agency inputs)
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Source:ndtv
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