Sensex Surges Over 150 Points, Nifty Hits 10,700

The domestic stock markets opened in the green on Wednesday amid mixed global cues. The S&P BSE Sensex opened at 35,635.52 against its last close of 35,513.14 and the Nifty50 barometer of the National Stock Exchange (NSE) started at 10,708.75, as compared to its previous close of 10,685.60. At 9:20 am, the 30-share Sensex traded at 35,684.23, up 171.09 points or 0.48 per cent and the 50-scrip Nifty was at 10,718.80, with a gain of 33.20 points or 0.31 per cent.

Thirty four out of 50 Nifty stocks gained in trade.

Gaining between 1.04 per cent and 1.32 per cent, Zee Entertainment, Hero MotoCorp, Infosys, Cipla and Titan were the top five Nifty gainers.

Experts, however, said that markets will remain volatile until the expiry of derivatives contracts for November series.

“Uncertainty is still intact  amid the outcome of state elections and volatility will prevail till the end of expiry. Emphasis should be placed on the Sino-US trade war,” said Ritesh Ashar, Chief Strategy Officer, KIFS Trade Capital.

In global markets, Asian shares dithered and the dollar jumped to a near 1-1/2-year top as risk assets rowed back amid conflicting signals on prospects for de-escalating the Sino-US trade dispute.

MSCI’s broadest index of Asia-Pacific shares outside Japan see-sawed between positive and negative territory and was flat, reported news agency Reuters. Australian and South Korean stocks were both down 0.2 per cent.

Japan’s Nikkei gained 0.7 per cent. Chinese indices shed small early gains. The blue-chip index was flat.

In commodity markets, oil was cautiously higher ahead of an OPEC (Organization of the Petroleum Exporting Countries) meeting next week at which the producer club is expected to decide on some form of supply cut to counter an emerging glut.

US crude futures added 28 cents to $51.84 a barrel. Brent climbed 28 cents to $60.49.

(With agency inputs)

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