Published: Sat, December 10, 2016
Economy | By Melissa Porter

Markets in the green in early trade

Sensex advanced almost 109 points at the start of trading on Friday owing to active buying by investors and foreign funds gathered momentum amid strong global cues.

At 11.17 a.m., the 30-share BSE index Sensex was up 48.35 points or 0.18 per cent at 26,742.63 and the 50-share NSE index Nifty was up 8.65 points or 0.1 per cent at 8,255.50. Investors took comfort from a higher opening in Europe on expectations that the European Central Bank (ECB) at a policy meeting scheduled later in the day would extend its asset buying programme.

The Sensex has touched a high of 26,721.27 points and a low of 26,357.35 points during the intra-day trade so far.

The gauge gained 118 points in the previous volatile session yesterday in anticipation of a rate cut by RBI. The broader NSE Nifty scaled a high of 8,274.95, but profit-taking pulled it down to close at 8,261.75, still up 14.90 points, or 0.18 per cent.

The key Indian indices traded on a flat-to-positive note, as healthy buying was witnessed in banking, IT and consumer durables stocks. "For the coming session, 8162 - 8125 would be seen as an immediate support zone for the index", said an Angel Broking Report. But the rupee could not maintain its 3-day rally as it ended 6 paise down at 67.42.

Foreign portfolio investors offloaded shares worth net Rs 317.85 crore yesterday, as per provisional data.

Major indices traded between a loss of 0.5 per cent and a rise of 2.5 per cent.

The market let go of its early leads, but ruled firm for the second day Tuesday in a cautious trade ahead of RBI policy announcement tomorrow amid positive Asian cues.

Among 30 Sensex constituents, SBI gained the most as it rose by 2.41%, followed by ICICI (2.35%), ONGC (1.61%), Axis Bank (1.51%) and ITC (1.20%).

On the sectoral front, metal zoomed 2.93 per cent, followed by auto 2.63 per cent, infrastructure 1.87 per cent, technology 1.56 per cent and banking 1.54 per cent. Broader markets were in a finer shape, with the small-cap and mid-cap firming up 0.52% and 0.21%, respectively, after investors built more bets.

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