Sensex, Nifty Seen Higher At Open

Sensex, Nifty Seen Higher At Open

Sensex today: In a volatile trading session, the benchmark indices settled lower, paring all intraday gains, led by losses in banking and metal stocks. The MSCI All-Country World index, which tracks shares in 47 countries, was 0.1 per cent higher and set for a weekly gain of nearly 2 per cent.

Market observers said global trade war fears over a likely hike in USA import tariff on steel and aluminium continued to dampen the domestic metals sector, which witnessed heavy selling pressure.

However, the BSE market breadth was bearish with 1,530 declines and 1,197 advances. At 9.16 a.m., the wider Nifty50 Of the National Stock Exchange (NSE) rose by 30.30 points or 0.30 per cent to trade at 10,272.95 points.

The Nifty IT index was up 0.6 percent with Tech Mahindra trading 1.6 percent higher.

Domestic institutional investors bought shares worth a net Rs 675.26 crore, while foreign portfolio investors sold shares worth a net Rs 364.80 crore yesterday, provisional data showed.

"Market reversed from the last six days losing streak as an easing in trade war concerns and short covering in PSU banks supported the rally", said Vinod Nair, Head of Research, Geojit Financial Services.

On the currency front, the Indian rupee weakened by 26 paise to close at 65.15 against the USA dollar from its previous close at 64.89.

Sectorwise, the S&P BSE banking index augmented by 389.41 points, auto index by 220.70 points and capital goods index by 203.84 points.

On Thursday, bank stocks soared with SBI and ICICI Bank clocking gains of 4.09 per cent and 3.58 per cent respectively while HDFC and Axis Bank gained 2.02 per cent and 1.43 per cent.

The losers were: Tata Steel (down 10.32 per cent at Rs 605.60); Tata Motors (down 7.86 per cent at Rs 341.70); Tata Motors (DVR) (down 7.34 per cent at Rs 192.60); Adani Ports (down 6.95 per cent at Rs 377.30); and Bharti Airtel (down 5.81 per cent at Rs 401.95).