The Indian markets opened on a positive note on Tuesday, led by gains in some stocks as well as tracking the SGX Nifty and other Asian counters which are trading on mixed note today.
At 10.45 am, the Sensex was trading 76.13 points higher at 25883.23, while the Nifty was trading 33.05 points up at 7941.30.
The US and European markets were closed on Monday. NSE Nifty on Monday slumped to a 7-month low of 7,908 and the Sensex below 26,000, on the fears of excessive taxation by the government and the ongoing cash crunch.
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On Saturday, Prime Minister Narendra Modi had said that market participants should contribute to nation-building in a fair, efficient and transparent way and promised more sound and prudent policies and reform measures, which was seen in some quarters as a prelude to higher taxation by way of long-term capital gains tax on investment in shares, said an Angel Broking research report.
The Sensex opened at 25,992 on Monday against its previous close of 26,041, hit an intraday high of 26,009 and a low of 25,754. On similar lines, the broader Nifty50 of the National Stock Exchange (NSE) closed at 7,908, down 78 points – its lowest closing since May 25, 2016.
Meanwhile SMC Investments and Advisors Ltd in a report said that the market is expected to trade flat amid lack of cues from global markets as many major markets were closed for Christmas, while some will remain closed for Boxing day.
Asian bourses are looking flat in thin trade, suggesting a quiet trading day for Asian markets, with little to provide guiding cues as markets in Australia, New Zealand, and Hong Kong will remain shut, while the US markets will resume trading after the Christmas break. Crude gained extending its longest winning streak in more than four months, as supply cut help to rebalance an oversupplied market.
As per provisional figures, foreign institutional investors (FIIs)/ foreign portfolio investors (FPIs) sold shares worth net Rs 1095.04 crore on 26th December 2016. Domestic institutional investors bought shares worth Rs 1065.39 core on that day.