Indian stock markets opened higher Wednesday tracking Asian peers, even as fears of global uncertainties on the US President-elect Donald Trump’s policies are likely to weigh.
BSE Sensex was up 0.45% at 27,358.02 points while NSE Nifty was up 0.45% at 8,436.4 points in the early morning trade.
All major sectoral indices were trading in green, with Automobile, Banks, FMCG and Metal stocks pulling the broader markets up.
Yes Bank, Ambuja Cement, Tata Steel, Kotak Mahindra and UltraTech Cement were the top gainers on Nifty.
Bharti Airtel, Idea Cellular, Dr Reddy’s Labs, Coal India and Sun Pharma were the top losers.
Reliance Industries’ proposed investments into its telecommunication venture continue to weigh on the stocks of rival incumbent companies. Reliance Jio Infocomm’s entry into the hyper-competitive Indian telecom market has forced other companies to slash tariffs by as much as 66% in a bid to retain their user base, leading to fears of erosion in margins.
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Earlier, Asian stocks rose to near three-month highs, with Hong Kong and China markets leading the gains.
The US stocks retreated as investors remained cautious in the wake of President-elect Donald Trump’s charge that a strong dollar is hurting the economy. That, however, lifted the stocks in Asia, where investors bought into exporters. The European markets were down too as British Prime Minister Theresa May confirmed that her country will leave the European single market when it quits the European Union.
SMC Research said in its morning note to watch Bank and FMCG stocks for outperforming the broader indices, while to watch IT and Energy shares for underperforming the markets.
Provisional figures, foreign institutional investors / foreign portfolio investors bought shares worth net Rs 142.21 crore yesterday, while domestic institutional investors sold shares worth Rs 607.23 crore.