Sensex Edges Up, Nifty Above 8,800-mark 

Mumbai: Stocks on the domestic bourses kept their winning run going for a fourth session as the BSE Sensex gained over 35 points to 28,634.50 and NSE Nifty added 29 points to 8,808.40 points. The markets tracked gains in Asian markets as investors looked ahead to key central bank meetings this week in the US and Japan for clues on global monetary policies.

Also, the broader NSE Nifty managed to again move above the key 8,800-mark. Sentiment was bolstered by positive global cues as investors cheered the rally in oil and awaited the start of the Federal Reserve policy meeting later this week. Benchmark Brent crude price rose 1 per cent to $46.55 a barrel. After opening strong at 28,626.60, the Sensex rose further to hit a high of 28,714.77 on continued buying by investors and sustained foreign fund inflows.

However, it slipped into negative briefly to hit a low of 28,552.55 before settling 35.47 points or 0.12 per cent higher at 28,634.50, its highest closing since September 9, when it had ended at 28,797.25. The gauge had risen 245.49 points in the previous three days on firm global cues on receding fears of a US rate hike. The Nifty after shuttling between 8,824.30 and 8,774.20, settled 28.55 points or 0.33 per cent up at 8,808.40. As many as 21 scrips out of 30-share Sensex pack ended up.

Anand James, Chief Market Strategist, Geojit BNP Palribas Financial

Positive Asian markets helped Indian stocks to shrug off last week’s negativity and encourage value buying. Meanwhile, Moody’s positive comments on the NPAs ensured that banking stocks continued to attract buying interest.

Anand James, Chief Market Strategist, Geojit BNP Palribas Financial, said: “Positive Asian markets helped Indian stocks to shrug off last week’s negativity and encourage value buying. Meanwhile, Moody’s positive comments on the NPAs ensured that banking stocks continued to attract buying interest.”

Shares of ICICI Bank rose 1.61 per cent, to Rs 271.85 as unit ICICI Prudential Life Insurance Co’s Initial Public Offerings (IPO) worth Rs 6,057 crore and biggest for Indian markets in about six years, opened for subscription today. Shares of software services exporters, led by TCS and Infosys, were back in the limelight and contributed major support to the Sensex.

TCS was right on top rising 1.96 per cent to Rs 2,407.35, Wipro was up 0.13 per cent at Rs 480.40, while Infosys gained 0.08 per cent to Rs 1,061.15. According to Morgan Stanley report, emerging market growth is expected to improve to 4.7 per cent in 2017 from 4 per cent this year as more economies, including India, will transition towards gradual recovery, too positively impacted sentiments.

Overseas, Asian stocks ended largely higher with Hong Kong’s Hang Seng rising 0.92 per cent, while Shanghai Composite Index up 0.77 per cent. Japanese financial markets were closed today. Europe too was higher with London’s FTSE rising 1.12 per cent, Paris CAC up 1.31 per cent and Frankfurt-based DAX 30 higher by 0.70 per cent.

Source: PTI