Odisha News Insight

Buoyant Global Markets cheer Investors; BSE Sensex up 204 Points

BSE SensexMumbai, Oct 16: Lessened chances of a US rate hike, buoyant Asian and European markets coupled with bargain hunting propelled a barometer index of the Indian equity markets to provisionally close with gains of 204 points or 0.76 points on Friday.

The late-hour buying spree buoyed the Indian markets, as investors cheered on the lessened possibility of a rate hike in the US.  Furthermore, buoyant Asian and European markets supported the late trading hour rally.

Initially, both the bellwether indices opened higher. However, both indices ceded their initial gains due to caution over the upcoming quarterly results which included earnings figures of bluechips. The wider 50-scrip Nifty of the National Stock Exchange (NSE) provisionally closed in the positive territory. It was higher by 59 points or 0.72 percent at 8,238.15 points.

The barometer 30-scrip sensitive index (S&P Sensex) of the Bombay Stock Exchange (BSE), which opened at 27,062.80 points, provisionally closed at 27,214.60 points (at 3.35 p.m.) — 204.46 points or 0.76 percent up from its previous close at 27,010.14 points.

The BSE Sensex touched a high of 27,239.22 points and a low of 26,917.12 points in the intra-day trade. The barometer index had closed with gains of 230 points or 0.86 percent on Thursday. Analysts observed that caution prevailed in the Indian equity markets, ahead of the key bluechip results and disappointing export figures for September.

“The Indian markets opened higher tracking the Asian indices and the positive closing of the US markets on Thursday. However, the gains were ceded, as there were no supportive triggers,” Anand James, co-head, technical research desk with Geojit BNP Paribas Financial Services, told.

“Caution prevailed over the upcoming quarterly results and the markets were subdued due to the disappointing export figures for last month.”

Nitasha Shankar, vice president, research with YES Securities, told: “Broader markets are trading on a weak note. Metal and fast moving consumer goods (FMCG) stocks are witnessing selling pressure, while media stocks continue to see buying interest.”

Sector-wise, S&P BSE metal index receded by 83.74 points, healthcare index declined by 43.02 points and FMCG index was down 37.62 points. The S&P BSE capital goods index augmented by 171.14 points, oil and gas index gained by 92.40 points and automobile index surged by 79.98 points.

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