BSE Sensex, NSE Nifty surge after Nick Clegg's 'wall of money' remark

Written by fe Bureau | Mumbai | Updated: Aug 27 2014, 16:56pm hrs
BSE Sensex, NSE NiftyBSE Sensex moved up further by 142 points in early trade on sustained foreign capital inflows coupled with a firming trend on other Asian bourses. Reuters
Benchmark indices advanced on Wednesday, a day after UK's Deputy Prime Minister Nick Clegg said that a 'wall of money' is waiting to enter India.

The BSE benchmark, the Sensex was trading 119.82 points or 0.45% higher at 26,562.63 points, while the NSE's Nifty was trading 26.55 points or 0.34% higher at 7,931.30 points at 10.50 am IST. On Tuesday, Nick Clegg, who is on a 3-day visit to India, arrived in New Delhi.

Experts believe there could be some correction in the offing. "We expect price correction from the current level as it is trading near upper band of the channel and momentum indicators are trading at overbought region. Resistance is at 7980. Support is at 7800 and below that 7730," Standard Chartered Securities said in a note.

Among sectoral indices, the BSE IT (0.92%), BSE Consumer Durables (0.92%) and BSE Auto (0.85%) were trading in the green. The blue chips were led by ONGC (1.73%), ICICI Bank (1.69%) and Bajaj Auto (1.67%).

Asian markets showed a strong trend. Taiwan Taiex (0.88%), Jakarta Composite (0.33%), Straits Times (0.55%), Kospi (0.2%), Shanghai Composite (0.30%), Hang Seng (0.12%) and Nikkei (0.06%) were trading higher.