Market Live: Sensex opens in the green, Nifty above 9900 in opening tick; metals gain
Thu Aug 17 2017
Rajesh Sharma (2003 articles)

Market Live: Sensex opens in the green, Nifty above 9900 in opening tick; metals gain

10:07 am Bullion Update: Gold edged up early Thursday, extending gains from the previous session, as the dollar remained subdued after minutes from the Federal Reserve’s July meeting hinted at a delay in further rate hikes.

Spot gold was up 0.4 percent at $ 1,287.21 per ounce by 0110 GMT, after gaining nearly 1 percent the previous day.

U.S. gold futures for December delivery rose 0.8 percent to $ 1,293.30 per ounce.

The U.S. dollar was on the defensive on Thursday after the minutes from the Federal Reserve’s last policy meeting showed policymakers were increasingly wary of recent softness in inflation and could delay a rate hike.

(With inputs from CNBC)

10:02 am Market Check: Equity benchmark indices were trading steady, marginally higher from their opening tick, with the Sensex rising almost one third of a percent. The Nifty managed to hold on to 9900-mark.

The Sensex was up 83.82 points at 31854.71, while the Nifty was up 30.30 points at 9927.60. The market breadth was positive as 1,348 shares advanced against a decline of 437 shares, while 62 shares were unchanged.

Metal stocks continued to gain, but in the broader market, midcaps and smallcaps continued to rise, which aided the rally on D-Street.

Infosys, Coal India and Vedanta gained the most on both indices, while HUL, Kotak Mahindra Bank and Zee Entertainment were the top losers.

Also Read: Nifty eyes Mount 11K in next 12 months; top 15 stocks which could outperform index

9:50 am Forex update: On account of Parsi New Year, forex and money markets will be closed today.

9:30 am Buzzing Stock: Shares of Infosys rose 3.6 percent in the early trade on Thursday as the company announced that it will consider share buyback issue on August 19.

The decision will be taken during a meeting of board of directors of the company on Saturday.

For the same purposes, the company has closing the trading window with immediate effect and the trading window will re-open on August 22, 2017.

If the buyback is approved, any offers to purchase or solicitations of offers to sell will be made pursuant to a tender offer statement on schedule to which will be filed with the US Securities and Exchange Commission by the company.

9:18 am Market Opens: Equity benchmark indices continued its positive momentum from the previous session, with the Nifty climbing above 9900 in the opening tick.

At 09:17 hrs, the Sensex was up 43.94 points at 31814.83, while the Nifty was up 10.95 points at 9908.25. The market breadth was healthy as 519 shares advanced against a decline of 252 shares, while 25 shares were unchanged.

Midcaps continued to gain, while strong movements was seen among metals as well as information technology stocks.

Infosys, HDFC, and Vedanta were the top gainers on both indices, while Bajaj Auto, HUL, Power Grid and Zee Entertainment lost the most.

Asian stocks edged up on Thursday as tensions between the US and North Korea came off the boil, while worries about President Donald Trump’s ability to implement his pro-growth agenda and the Federal Reserve’s concerns about low US inflation hit the dollar.

MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.3 percent in early trade.

Japan’s Nikkei slipped 0.1 percent, weighed down by the yen’s strength.

South Korean shares advanced 0.1 percent after the leaders of both North Korea and the United States appeared to back off from their heated rhetoric from last week.

Meanwhile, US stocks ended slightly firmer on Wednesday but off the day’s highs as worries mounted over President Donald Trump’s agenda and minutes from the latest Federal Reserve meeting suggested policymakers are worried about weak inflation.
Indexes lost some ground following Trump’s disbanding of two high-profile business advisory councils after two more CEOs resigned from the manufacturing council on Wednesday in response to his comments on weekend violence in Charlottesville, Virginia.

Rajesh Sharma

Rajesh Sharma

Rajesh Sharma is Correspondent for Stock Market of South East Asia based in Mumbai. He has been covering Asian markets for more than 5 years.


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