Sensex, Nifty off to tepid start despite US-China trade talks
HDFC duo, Larsen & Toubro and SBI were among the top drags on Sensex.
By ETMarkets.com |
NEW DELHI: Domestic equity market was trading on a cautious note in Friday's morning session despite signs of a thaw in US-China trade war and an uptick in industrial output data back home.
HDFC duo, Larsen & Toubro and SBI were among the top drags on Sensex. The 30-pack index opened in the red, moved higher but then pared gains to trade flat.
At around 9.45 am, the BSE benchmark Sensex was down 8 points or 0.1 per cent at 37,096 while its NSE counterpart Nifty was down some 7 points at 10,975.
The level of 10,920 will act as immediate support below which Nifty is likely to slide till 10,865-10,835. On the higher side, resistance remained intact at 11,110 on a closing basis, according to Way2Wealth Brokers.
The Central Statistics Office’s data showed that the country’s industrial output advanced 4.3 per cent in July, as against 1.2 per cent in June. However, there are also some concerns with government data showing that consumer price index-based inflation (CPI) for August crept up slightly to 3.21 per cent year-on-year, compared with 3.15 per cent in July, driven by a sharp rise in food prices.
S Ranganathan, Head of Research, LKP Securities said, “July IIP touched an eight-month high and beat consensus expectations. The growth was led primarily by manufacturing and mining."
Majority of stocks in the Sensex pack were trading higher in early trade with Maruti Suzuki gaining the most -- 1.45 per cent. It was followed by Tata Motors (up 1.37 per cent), Mahindra & Mahindra (up 0.98 per cent), ICICI Bank (up 0.87 per cent) and Axis Bank (up 0.82 per cent).
On the other hand, YES Bank, HDFC Bank and Bharti Airtel were down between 0.40 per cent and 2.20 per cent.
Among the sectoral indices on BSE, Auto and Consumer Durables index were up 1.19 per cent and 0.90 per cent, respectively. On the other hand, Telecom and Healthcare index were down over 0.10 per cent.
The US markets ended higher on Thursday after the European Central Bank announced new stimulus measures and investors greeted further signs of moderation in the US-China trade war.
Asian markets were also trading in the green in morning trade after US President Donald Trump signalled that he would consider an interim trade deal with China, adding that it would not be preferred though.
HDFC duo, Larsen & Toubro and SBI were among the top drags on Sensex. The 30-pack index opened in the red, moved higher but then pared gains to trade flat.
At around 9.45 am, the BSE benchmark Sensex was down 8 points or 0.1 per cent at 37,096 while its NSE counterpart Nifty was down some 7 points at 10,975.
The level of 10,920 will act as immediate support below which Nifty is likely to slide till 10,865-10,835. On the higher side, resistance remained intact at 11,110 on a closing basis, according to Way2Wealth Brokers.
The Central Statistics Office’s data showed that the country’s industrial output advanced 4.3 per cent in July, as against 1.2 per cent in June. However, there are also some concerns with government data showing that consumer price index-based inflation (CPI) for August crept up slightly to 3.21 per cent year-on-year, compared with 3.15 per cent in July, driven by a sharp rise in food prices.
S Ranganathan, Head of Research, LKP Securities said, “July IIP touched an eight-month high and beat consensus expectations. The growth was led primarily by manufacturing and mining."
ADVERTISEMENT
Majority of stocks in the Sensex pack were trading higher in early trade with Maruti Suzuki gaining the most -- 1.45 per cent. It was followed by Tata Motors (up 1.37 per cent), Mahindra & Mahindra (up 0.98 per cent), ICICI Bank (up 0.87 per cent) and Axis Bank (up 0.82 per cent).
On the other hand, YES Bank, HDFC Bank and Bharti Airtel were down between 0.40 per cent and 2.20 per cent.
Among the sectoral indices on BSE, Auto and Consumer Durables index were up 1.19 per cent and 0.90 per cent, respectively. On the other hand, Telecom and Healthcare index were down over 0.10 per cent.
The US markets ended higher on Thursday after the European Central Bank announced new stimulus measures and investors greeted further signs of moderation in the US-China trade war.
ADVERTISEMENT
Asian markets were also trading in the green in morning trade after US President Donald Trump signalled that he would consider an interim trade deal with China, adding that it would not be preferred though.
Here's a look at changes brokerages made to their price targets on stocks, and the sectoral commentary they made in the last 24 hours:
ADVERTISEMENT
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
