Markets open mildly higher on positive Asian cues

Galtero Lara
Abril 26, 2018

"Market remain range bound during most part of the day due to F&O expiry but better results from banks and improving sentiment on IT stocks lifted the index". Short-covering of bets today being the last session of April expiry in the derivatives segment supported the recovery. At 9.31 a.m, the Sensex was trading up 31.24 points or 0.09% at 34,532.51 with 15 components gaining.

Asian stocks rose on Thursday as robust corporate earnings helped Wall Street quell concerns about the surge in USA bond yields, while the dollar hovered near 3-1/2-month highs against a basket of currencies. The 10-year United States bond yield rose over 3 per cent on Wednesday, triggered by concerns of a surge in the supply of government debt. Meanwhile, the Nifty was trading higher by 17.80 points or 0.17% at 10,588.35 with 27 components gaining. Continued outflow of foreign money and surging oil prices added pressure on rupee and inflation trajectory.

Among BSE sectoral indices, FMCG rose 1.25 per cent, IT 1.17 per cent, banking 0.86 per cent, teck 0.59 per cent, consumer durables 0.43 per cent, auto 0.33 per cent, metal 0.12 per cent and oil and gas 0.07 per cent.

However, Wipro, tumbled 3.62 per cent to Rs 276.80 after the company yesterday reported over 20 per cent decline in its consolidated profit to Rs 1,800.8 crore for the March quarter, 2017-18.

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Index heavyweights like Tata Consultancy Services, IndusInd Bank, Tata Motors, Reliance Industries and ITC were the top gainers on the BSE.

Other losers were Bharti Airtel, falling 2.61 per cent, followed by Dr Reddy's 2.09 per cent, SBI 1.71 per cent, Tata Steel 1.22 per cent, L&T 0.94 per cent, Coal India 0.62 per cent, Bajaj Auto 0.48 per cent, Asian Paints 0.46 per cent and Sun Pharma 0.34 per cent.

Indian markets bounced back on Thursday snapping earlier losses.

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