Stock Market

Sensex gains 80 points, Nifty above 11,150; bank stocks rise

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NEW DELHI: Domestic equity market shrugged the negative trend from Asian and US peers and opened in the green on Wednesday, led by gains in private bank stocks. Asian shares fell the most in a week on Wednesday as the United States and China's ever-expanding dispute over trade and foreign policy showed little sign of coming to an end, weighing on global economic growth.

US stocks also settled lower in the overnight trade. The 30-share Sensex opened about 80 points up at 37,600 level while its NSE counterpart Nifty50 was up 20 points at 11,150 level. IT stocks were trading lower on NSE, ahead of the qauterly results from index heavyweights TCS and Infosys.

Both scrips were down 0.7 per cent and 0.6 per cent, respectively.

Wipro was the only stock in Nifty IT index that was trading higher, up about 0.7 per cent.

The index was down 0.06 per cent intraday. Banks, financial services and auto registered marginal gains in early trade.

Mahindra - Mahindra and ICICI Bank were top gainers on Sensex, rising more than 1 per cent.

YES Bank was the biggest index loser, diving 7 per cent. “With momentum indicators on the negative side, we may see a quick dip towards the 61.8 per cent Fibonacci level of 11,060 from where a reversal is expected to happen and may find resistance near 11,180 and 11,300.

A break below 11,060 would bring back 10,900 into focus,” Geojit Financial said in its report. Selling by foreign investors have been a real worry for the markets in October.

The headline indices have been on a losing streak, falling for six straight sessions.

On Monday, met-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 494 crore, data available with NSE suggested.

DIIs were net buyers to the tune of Rs 905 crore, data suggests.




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Category: Stock Market


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