Sensex, Nifty trade flat depite firm global cues; India VIX eases 2%
Asian shares showed signs of resilience after China reported better trade numbers.
By Nishant Kumar, ETMarkets.com |
NEW DELHI: Key equity indices Sensex and Nifty opened with healthy gains on Thursday, with the 30-share pack Sensex jumping over 200 points and Nifty topping 10,915-mark, supported by improved global sentiment.
Asian shares showed signs of resilience after China reported better trade numbers while yuan, too, stabilised.
An uptick in rupee against the US dollar also influenced the mood. The rupee was trading 14 paise higher at 70.75 against the US dollar in early trade today after the Reserve Bank of India (RBI) on Wednesday cut interest rate by 35 basis points, in an attempt to boost the economy growing at its slowest pace in nearly five years.
However, the market failed to hold altitude as concerns over the deteriorating economic condition continued to weigh on.
Around 9:30 am, the BSE Sensex was 45 points, or 0.12 per cent, up at 36,736. The Nifty index was trading 11 points, or 0.10 per cent higher at 10,867. Indian VIX eased 2.35 per cent to 16.34.
HCL Tech, Hero MotoCorp, Bharti Airtel, Infosys, YES Bank and Tata Motors were among the top gainers in the Sensex index.
On the other hand, Tata Steel, IndusInd Bank, Axis Bank, Tech Mahindra, HDFC and Reliance Industries were among the top losers in the index.
As per media reports, Morgan Stanley said Indian shares are getting to a bottom as per valuation and sentiment indicators, following a 9 per cent drop from their record highs, but said risks related to the real economy and slowing global growth remain. It said the risk-reward favours buying equities now, but a V-shaped recovery in stocks depends on actions of policymakers.
Asian shares showed signs of resilience after China reported better trade numbers while yuan, too, stabilised.
An uptick in rupee against the US dollar also influenced the mood. The rupee was trading 14 paise higher at 70.75 against the US dollar in early trade today after the Reserve Bank of India (RBI) on Wednesday cut interest rate by 35 basis points, in an attempt to boost the economy growing at its slowest pace in nearly five years.
However, the market failed to hold altitude as concerns over the deteriorating economic condition continued to weigh on.
Around 9:30 am, the BSE Sensex was 45 points, or 0.12 per cent, up at 36,736. The Nifty index was trading 11 points, or 0.10 per cent higher at 10,867. Indian VIX eased 2.35 per cent to 16.34.
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Midcaps and smallcaps were mixed as the BSE Midcap was 24 points, or 0.18 per cent, lower at 13,485 around that time, while the BSE Smallcap index was at 12,515, up 33 points or 0.27 per cent.HCL Tech, Hero MotoCorp, Bharti Airtel, Infosys, YES Bank and Tata Motors were among the top gainers in the Sensex index.
On the other hand, Tata Steel, IndusInd Bank, Axis Bank, Tech Mahindra, HDFC and Reliance Industries were among the top losers in the index.
As per media reports, Morgan Stanley said Indian shares are getting to a bottom as per valuation and sentiment indicators, following a 9 per cent drop from their record highs, but said risks related to the real economy and slowing global growth remain. It said the risk-reward favours buying equities now, but a V-shaped recovery in stocks depends on actions of policymakers.
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Meanwhile, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 383.66 crore on Wednesday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 532 crore, data suggests. Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
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