Markets open higher; Nifty up by 30 pts

by Frankie Norman September 8, 2017, 0:08
Markets open higher; Nifty up by 30 pts

BSE Sensex closed at 31,662.74, up 0.77 points while the 50-share Nifty ended at 9,934.90, up 19 points or 0.19 per cent.

The Nifty50 fell by 61.55 points, or 0.62 per cent, to close at 9,912.85 points, while the Sensex witnessed a fall of over 300-points during the day's trade to close at 31,702.25 points - down 189.98 points or 0.60 per cent.

The BSE market breadth was slightly bullish with 1,406 advances and 1,177 declines.

"The markets opened higher taking lead from Asian markets and Wall Street after US President Donald Trump and congressional leaders agreed to raise the government debt limit until December, eliminating the risk of a government shutdown for now", Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS. "But undercurrent is strong as shown by the positive return and outperformance of the mid and small cap stocks".

On the currency front, the Indian rupee strengthened by five paise to 64.05 against the USA dollar from its previous close at 64.10.

Indian shares fell on Wednesday, while the rupee hit its weakest level in three weeks against the dollar as tensions over North Korea's latest nuclear test continued to weigh, spooking investor sentiment globally.

"Trading volume was 7.4 times its 20-day average". Bosch, ITC, Lupin and Axis Bank were the other biggest losers on the NSE. The S&P 500 climbed 8 points to 2,466. "Leading the pack of gainers were metals and auto stocks with the respective indices gaining 1.26 per cent and 0.88 per cent, in trade", said Karthikraj Lakshmanan, Senior Fund Manager - Equities, BNP Paribas Mutual Fund.

Eicher Motors added 2.2 percent on reports that the maker of Royal Enfield motorbikes is looking to bid for Italian bike-maker Ducati.

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