Stock markets opened on a positive note on the last trading day of the year on Friday, tracking SGX Nifty and global cues, and despite mild losses in the US markets. At 10.10 am, the Sensex was trading 209.40 points up at 26575.55, while the Nifty was trading 56 points up at 8159.60.
The US markets closed fractionally lower on Thursday as investors remained reluctant to make big bets in a thinly-traded session ahead of long holiday weekend. The S&P 500 closed down 0.03% at 2,249 while Dow Jones Industrial Average closed off less than 1%, at 19,820. The Nasdaq Composite declined 0.1%, at 5,432. All three main indexes are on track to post double-digit annual returns.
The US stocks saw modest losses overnight after markets took the news of the fresh sanctions against Russia in their stride, with banking and energy shares leading the decline in thin end-of-the-year trading. The dollar declined for the second day while the yen gained for the third straight session.
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Stocks have been rallying on the view that President-elect Donald Trump’s administration will spur economic growth via spending and tax cuts, though there have been concerns that the moves have come too far and too fast. A strong performance from precious metals companies helped London’s FTSE 100 index to its second closing high this week. The FTSE was up 14 points at 7,120.
Indian benchmark indices settled the December series of future & options on a positive note on renewed buying in the late afternoon trade on Thursday. The market mostly traded flat for major part of the session as subdued trend seen in global markets after Wall Street suffered a mild setback overnight capped the gains. The S&P BSE Sensex settled the day at 26,366, up 155 points, while the broader Nifty50 ended at 8,104, up 69 points.
As per provisional figures, foreign institutional investors (FIIs)/ Foreign Portfolio Investors (FPIs) sold shares worth net Rs 662.29 crore on 29th December 2016. Domestic institutional investors bought shares worth Rs 957.83 core on that day.