Markets open higher in early trade
14/09/2018 09:24

The key domestic benchmark indices opened higher in the morning trading session amid strong cues from other Asian peers.

Traders reacted to IIP, inflation numbers as they offered some respite to the economy which is going through tough phase amid falling rupee and rising crude oil prices.

Industrial output grew at 6.6 per cent in July, while retail inflation slowed to a 10-month low of 3.69 per cent in August.

On the economy front, the government will issue Wholesale Price Index (WPI) inflation data after-market hours today.

On the corporate front, shares of Vedanta will remain in focus after the company said it has discovered natural gas in a Krishna Godavari basin block in the Bay of Bengal. Among others, NBCC shares will also see some movement after the company announced to buy out 100 per cent government stake in HSCC in a deal worth Rs 285 crore.

At 09:20 hrs, the Bombay Stock Exchange bellwether Sensex was trading at 37954.40 up by 236.44 points or by 0.63 per cent, while the NSE Nifty was at 11436 up by 66.10 points or by 0.58 per cent.

The top gainers of the BSE Sensex pack were Sun Pharmaceutical Industries Ltd. (Rs. 663.15,+2.05 per cent), State Bank of India (Rs. 290.00,+1.59 per cent), IndusInd Bank Ltd. (Rs. 1854.00,+1.58 per cent), Vedanta Ltd. (Rs. 227.25,+1.56 per cent), YES Bank Ltd. (Rs. 318.80,+1.38 per cent), among others.

Meanwhile, Asian Paints Ltd. (Rs. 1280.55,-0.87 per cent), Infosys Ltd. (Rs. 742.60,-0.01 per cent), were among the top losers on BSE.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total shares traded 519, shares advanced were 406 while 87 shares declined and 26 were unchanged.

On the global front, Asian stocks were trading higher as moves by the United States and China to resolve a bitter trade dispute and a sharp interest rate hike in crisis-hit Turkey supported global risk appetite, while Wall Street closed higher in the previous trading session as Apple led a jump in technology shares and trade worries eased after China welcomed new talks with the United States.