A day after the benchmark BSE Sensex reclaimed its 28,000 mark and NSE Nifty regained 8,400 mark, Indian shares might stay unstable following the global trend.
Asian shares lost early steadiness and Chinese stocks got off to a weak start on Thursday, while upbeat US economic data helped the dollar gain as investors globally opted for caution due to Greece’s standoff with its creditors
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.13 percent following yet another weak opening in China’s benchmark indexes. Tokyo’s Nikkei climbed 1.1 percent thanks to a weaker yen, while South Korea’s Kospi rose 0.3 percent. Moreover, a firming trend in global markets, after Greek PM Alexis Tsipras was reportedly prepared to accept creditors’ demands for a bailout buoyed sentiments, equity brokers said.
Before the market opened, China’s securities regulator relaxed rules on using borrowed money to speculate on stock markets, the latest in a flurry of government measures aimed at stemming two weeks of panic selling that is posing a growing risk to the world’s second-largest economy.
On Thursday, BSE Sensex reclaimed the 28,000-mark after 2-1/2 months after surging by 240 points on across-the-board buying after the government promised capital support to PSU banks, while improved macroeconomic data also boosted market sentiment. The 50-share NSE Nifty also regained the 8,400-mark by climbing 84.55 points or 1.01 per cent to 8,453.05. The index had ended at nearly 2-1/2 months high at 8,453.05, disclosing a gain of 84.35 points or 1.01 per cent.