Mumbai, India (BBN) – The benchmark Sensex advanced by over 100 points in late morning trade today, building on yesterday’s recovery, as investors and domestic institutions widened their bets amid mixed global cues.
The Nifty opened 15 points up at 8,407 while the Sensex opened 54 points up at 27,171, reports The Hindu Business Line.
Short-covering by speculators ahead of January monthly derivatives contract expiry added to the upward move.
Moreover, encouraging earnings numbers from India’s fourth—largest software services exporter, HCL Technologies, too added to the cheer.
The NSE Nifty also recaptured the 8,400—mark.
At about 11:25 am, the BSE 30—share barometer advanced 133.45 points, or 0.49 per cent, to 27,250.79.
The gauge had gained 82.84 points in the previous sessions.
Sectoral indices led by power, capital goods, banking, oil and gas, and metal stocks were in the green, rising by up to 1.37 per cent.
The NSE Nifty went past the 8,400-mark by rising 48 points, or 0.57 per cent, to 8,439.50. Volatility was a tad down with the India Vix ruling at 15.6525.
Early today, HCL Technologies reported a 7.8 per cent rise in consolidated net profit at Rs 2,070 crore for the third quarter ended December 2016.
Brokers said increased buying in select stocks coupled with covering—up of outstanding short positions ahead of the January month derivatives expiry had a positive impact.
A mixed trend on other Asian bourses too influenced sentiments, they said.
In the Asian region, Hong Kong’s Hang Seng was up 0.30 per cent, while Shanghai Composite index edged down 0.09 per cent in early trade today. Japan’s Nikkei fell 0.07 per cent.
The US Dow Jones Industrial Average ended lower by 0.14 per cent in yesterday’s trade. PTI KPS DP JM 01240953
A report by IFA Global said “Asian stock markets are trading on a mixed note, with Hang Seng index trading higher by 75 points and Nikkei index is trading lower by 13 points as major global indices remained under pressure post-Trump inauguration speech.
US stock markets closed on a negative note, the Dow Jones Industrial Average closed lower by 27 points and Nasdaq index closed lower by 2 points.
US equities closed lower as US President Donald Trump’s focus on trade protectionism fueled suspicions his administration might seek a competitive advantage through a weaker currency.
European stock markets closed in the red, with FTSE closed lower by 47 points and CAC lower by 29 point. European markets ended the day lower following weak global cues.