Sensex up 150 pts, Nifty firm above 8,560; Adani Enterprises up 5%

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Domestic equity markets opened on a positive note on Wednesday powered by capital inflows by foreign funds and buying by retail investors amid a strong Asian trend. The key benchmark indices BSE Sensex and NSE Nifty opened 66.11 points and 30.55 points higher at 28,138.04 and 8,547.45, respectively.

At 2.52 pm, the benchmark indices BSE Sensex and NSE Nifty were trading 0.60 per cent higher at 28,251 and 8,569, respectively.

At 1.58 pm, the BSE Sensex and NSE Nifty were trading 217 points and 69.85 points higher at 28,289 and 8,586, respectively.

At 10.42 am, Sensex was up 177 points at 28,249. Similarly, Nifty was up 50.70 points at 8,567 at the same time.

Barring the BSE Bankex, rest all other sectoral indices on the Bombay Stock Exchange were trading in green.

The rally of steel shares continued for the second straight session as the BSE Metal was up by 0.82 per cent. Shares of Tata steel went up by 3.35 per cent and touched the highest in the last one week while shares of JSW Steel and Jindal Steel went up by 2 per cent and 2.89 per cent, respectively. Shares of steel companies spiked on Tuesday following reports that the finance ministry is considering imposition of safeguard duty on import of long and flat steel products. The government is likely to raise import tax by 2.5-3 per cent on flat steel products, according to various TV reports. If implemented, this would be the second hike since in three months. In June, the government raised import duty to 10 per cent from 7.5 per cent on flat steel and to 7.5 per cent from 5 per cent for long steel products to stem the flood of imports.

The BSE Healthcare index was trading 1.25 per cent higher. Shares of Elder Pharmaceuticals went up by 2.69 per cent while the shares of Lupin and Cipla were up by 2.24 per cent and 1.25 per cent, respectively.

Adani Enterprises shares were trading 5 per cent higher in the afternoon trade after the company said on Tuesday it was in talks with Taiwan’s Foxconn for a possible joint venture, though no agreement had been signed.

As per provisional data, Foreign Portfolio Investors(FPIs) bought cash equities worth $ 28.12 million on Tuesday.

Asian share markets were in a mixed mood on Wednesday as the mounting risks of a hike in US interest rates as early as next month lifted the dollar and bond yields, pressuring currencies across the region.

On Tuesday, markets corrected on profit booking post RBI announced its third bi-monthly policy review. In a volatile trading session, Sensex plunged more than 300 points intraday and Nifty breached 8,500, but managed to cut losses in later part of the session. Index heavyweights Infosys, Reliance, ITC and HDFC twins dragged the market, but select banks and metals and mining stocks supported.

Global markets performance

New York: Wall Street ended lower on Tuesday for a third straight session as investors worried about a rise in interest rates while Apple’s shares hit their lowest in over six months. The Dow Jones industrial average fell 0.27 per cent to end at 17,550.69 and the S&P 500 lost 0.22 per cent to 2,093.32. The Nasdaq Composite dropped 0.19 per cent finish at 5,105.55.

London: Top UK shares ended Tuesday on a flat note, with the market pegged back by a mixed bag of corporate earnings and a $ 30-billion bid from drugmaker Shire to buy rival Baxalta

Tokyo: Japan’s Nikkei share average edged up on Wednesday as construction firms and real estate developers gained on earnings but Toyota Motor and other cyclical shares buckled under concerns about slower global growth. The Nikkei average rose 0.5 per cent to 20,626.85 while the broader Topix gained 0.6 per cent to 1,670.03.

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