Markets open on positive note; Zomato, Asian Paints in green
The 30-scrip Sensitive Index (Sensex) on Thursday opened on a positive note during the morning trade session. At 9.30 a.m., the S&P BSE Sensex of the BSE traded at 60,166.86 points, up 0.26 per cent.
It opened at 60179.93 points from the previous close of 60,008.33 points. Till now it touched a high of 60,167.00 points and a low of 59,936.24 points. On the other hand, the broader 50-scrip Nifty at National Stock Exchange (NSE) opened at 17,890.55 points after closing at 17,898.65 upoints.
It traded at 17,944 points, up 0.26 per cent during the early-morning trade session. Zomato and Asian Giants stocks were in green in the early trade today.
Continuous foreign fund outflows along with valuation concerns in the face of inflationary pressures dampened India's key equity indices -- S&P BSE Sensex and NSE Nifty50 -- on Wednesday.
The FIIs sold Rs 344.35 crore on the BSE, the NSE and the MSEI in the capital market segment during the day's trade. Initially, both the key equity indices opened on a lower note from their respective previous closing marks.
At the global level, Asian shares were mostly dragged by worries about Covid-19 and higher costs. The European markets also traded flat despite a surge in the US markets overnight. On the domestic front, auto and power indices rose the most, whereas realty, oil and gas and telecom indices fell the most.
The 30-scrip Sensex closed at 60,008.33 points, down 314.04 points or 0.52 per cent from its previous close. Similarly, the NSE Nifty50 ended the day's trade on a lower note, falling to 17,898.65 points, down by 100.55 points or 0.56 per cent from its previou s close.
"Nifty has breached the short-term up trend line, indicating some more near term weakness," said Deepak Jasani, Head of Retail Research at HDFC Securities. "17,999 is the resistance now for the Nifty, while 17,697-17,757 is the support band. Volumes and advance decline ratio continue to disappoint," he added.
According to Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services: "Equity markets continued to witness selling pressure for the second consecutive day amid weak global cues and rising inflation concerns. Overall, the market is in consolidation mode as valuations are rich despite good quarterly performance."
Vinod Nair, Head of Research at Geojit Financial Services, said: "Robust US retail sales data failed to inspire global markets as domestic indices were seen trading with a negative bias to close deep in the red.
"The surge in fresh Covid cases is keeping global investors on the edge, fanning fears of an economic slowdown. On the domestic front, the auto sector was in ocus as reports suggested relief in chip and semiconductor shortages."