Global cues help key Indian equity indices open higher

Mumbai, Jan 22: Key Indian equity market indices opened decisively higher on Friday, in cue with other Asian peers, after they fell to their lowest levels since May last year on the day before on poor buying interest and weakening rupee.

The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened the day at 24,122.06 points, against the previous close at 23,962.21 points.

Minutes after the trading bell, the key index was ruling at 24,156.64 points, with a gain of 194.43 points, or 0.81 percent.

At the National Stock Exchange (NSE), the Nifty was quoting at 7,337.50 points, up 60.70 points, or 0.83 percent.

On Monday, while the Sensex had ended 99.83 points, or 0.41 percent lower, the Nifty closed with a loss of 32.50 points, or 0.44 percent.

All the Asian markets were also on a re-bound mode. Japan’s Nikkei, Australia’s ASX 200, Hong Kong’s Hang Seng, and the Shanghai Composite all opened higher and were trading in the green. Even the oil benchmarks like Brent and Western Texas Intermediate were up nearly one percent.

“The US markets recovered on Thursday from their steep losses from the day before. US energy stocks climbed as oil prices bounced back from their worst trading session in the last four months and strong earnings from Verizon lifted the telecom stocks,” Angel Broking said.

“Blue chip stocks did better than the rest of the market,” the brokerage said in a pre-open analysis, adding the rebound in oil prices and positive comments by European Bank President Mario Draghi on stimulating the Eurozone helped the markets to end significantly higher.

“But sell-off in the Indian equity markets continued for the second consecutive session, with the BSE Sensex closing below the psychological important 24,000-point mark for the first time since May 2014.”  (IANS)