Indian equity market edged higher Today session on optimism over strong foreign inflows in the wake of strengthening the rupee. However, the up move remained restricted amid subdued Asian cues.
Asian shares rose marginally in early trade, with caution prevailing as investors awaited some kind of resolution to Sino-US trade negotiations, while the euro remained under pressure ahead of the European Central Bank meeting, Reuters reported.
Concerns over global economic slowdown became stronger after the Organization for Economic Co-Operation and Development cut forecasts again for the global economy in 2019 - 20. Another data showed that the US trade deficit surged to a record high in 2018.
Rupee's rise against the US dollar gave some comfort to investors. The rupee strengthened in the early trade on Thursday to trade above 70-level against the US dollar following softening crude oil prices amid sustained inflows by foreign institutional investors.
Sensex climbed over 100 pts in opening deals but eased soon. Around 9:30 am, the benchmark index was 74 pts, or 0.20 %, up at 36,710, while the Nifty50 was 10 pts, or 0.09 %, up at 11,063.
BSE Midcap and Smallcap indices were 0.16 % down and 0.04 % up, respectively, around that time.
In the Sensex kitty, 17 stocks were advancing and 14 were declining. Power Grid Corporation, Axis Bank NSE 0.72 per cent, Reliance Industries NSE 1.02 per cent, Hindustan Unilever NSE 1.04 per cent, TCS and ITC were leading among Sensex gainers.
For Stock Trade Tips and Services Register Here: https://goo.gl/NRhCW3
On the other hand, Vedanta, Coal India, ONGC, YES Bank, Bajaj Auto and Tata Steel were among the top losers.
Shares of Vedanta slipped after the metals and mining major announced that its board has approved the second interim dividend of Rs 1.85 per equity share for 2018 -19 amounting to the total payout of Rs 685 crore.
Metal, auto, finance and industrial were among the sectoral indices on BSE that slipped, while FMCG, utilities, energy and realty were among the gainers in early trade.
Foreign institutional investors (FIIs) bought $2.37 billion in equity in February, their biggest purchase since November 2017, according to data compiled by the Securities and Exchange Board of India (Sebi). In 2018, FIIs were net sellers of equity worth $4.55 billion.
FIIs seem to have returned to India after several months of aggressive selling, hoping for a rate cut by the Reserve Bank of India (RBI) in its next monetary policy meeting and a general easing in geopolitical tensions, said brokerage Motilal Oswal Securities.
Have a Nice Day ahead !!
Feel Free to Call Us: 6232995233
OR
Visit: www.TheGRSsolution.com
