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MARKETS LIVE: Sensex opens 100 pts up, Nifty above 10,550 on global cues

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SI Reporter  |  New Delhi  Last Updated at February 14, 2018 09:27 IST

Market check Index Current Pt. Change % Change   S&P BSE SENSEX 34,420.65 +120.18 +0.35   S&P BSE SENSEX 50 11,033.63 +41.39 +0.38   S&P BSE SENSEX Next 50 35,214.64 +236.93 +0.68   S&P BSE 100 10,992.94 +46.29 +0.42   S&P BSE Bharat 22 Index 3,714.36 +3.20 +0.09 (Source: BSE) Sectoral Trends Sensex losers and gainer Markets at open At 9:17 am, the S&P BSE Sensex was trading at 34,361, up 61 points while the broader Nifty50 was ruling at 10,569, up 29 points. Today’s picks: From Tata Steel to BPCL, hot stocks to buy   Tata Steel Current: Rs 713  Target: Rs 725 Keep a stop at 706 and go long. Add to the position between 721-723. Book profits at 725. READ MORE Top trading ideas for today’s trade by HDFC Securities   Buy NMDC  CMP: Rs 127.8  Stop Loss: Rs 121  Target: Rs 138 Stock price has witnessed a fall of 24% from its 1 month high. Stock looks oversold on the short term charts.   Stock closed around strong support of its 200 DMA. Primary trend of the stock has been bullish with higher tops and higher bottoms on the monthly charts. Considering the technical evidences discussed above, we recommend buying the stock between 128 and 124, for the target of 138, keeping a stop loss at 121 on closing basis. READ MORE

The benchmark indices opened higher on Wednesday taking cues from its key Asian peers.

The domestic were shut on Tuesday on account of Mahashivratri.

Asian were set for a tense session on Wednesday as investors await readings on U.S. inflation that could fan fears of faster rate hikes and unleash another burst of global volatility.

Japan’s Nikkei bounced 0.4 per cent to 21,327, after closing at a four-month low on Tuesday. Dealers said there was a lot of focus on the 200-day moving average at 21,031 as a break there would ring bearish alarm bells.

Data showed Japan’s economy grew a fraction slower than forecast last quarter but still managed the longest run of expansion since 1989.

On Wall Street, the Dow rose 0.16 per cent, while the S&P 500 gained 0.26 per cent and the Nasdaq 0.45 per cent. Moves were tentative with investors clearly scarred by the return of volatility.

Back home, market participants will look forward to Wholesale Price Index (WPI) numbers to be released later today. 

The Index of Industrial Production (IIP) expanded at a slower pace of 7.1 per cent in December, from the upward revised 8.8 per cent in November. Provisional estimates had put the November growth at 8.4 per cent. Infrastructure and construction grew 6.7 per cent, against 13.89 per cent in November, data showed post market hours on Monday.

The numbers were bolstered by manufacturing and a low growth of 2.4 per cent a year ago due to demonetisation.

On the other hand, Consumer Price Index-based inflation fell from 5.21 per cent in December to 5.07 per cent in January, broadly in line with the Reserve Bank of India (RBI)’s projection. This justified the RBI stance of maintaining status quo on the policy rate.

(with Reuters inputs)

First Published: Wed, February 14 2018. 09:15 IST

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