Markets open on a positive note on Wednesday

Markets open on a positive note on Wednesday

Markets open on a positive note on Wednesday

At 10.25 a.m., the Sensex was up 18.94 points or 0.06 per cent at 32,594.11 and the 50-share NSE index Nifty was down 7.3 points or 0.07 per cent at 10,107.35.

Traders said the widening of bets by investors and funds on expectations that the Reserve Bank might lower key interest rates at its bi-monthly monetary policy review, to be released later in the day, boosted the domestic sentiment. With the markets expecting a rate cut, the Sensex settled at yet another new high of 32,575.17 by surging 60.23 points, or 0.19 per cent.

Investors booked profits in lenders such as Bank of Baroda Ltd and Canara Bank Ltd which declined 1 percent each after two straight sessions of gains.

The broader Nifty 50 slipped in red, down 0.03% at 10,111.85 points while the 30-share barometer traded up 0.11% at 32,610.25 points.

Also, a slew of strong corporate earnings provided more cheer.

Motilal Oswal in its research report said, "Nifty index continued its up move and made a new record life time high of 10128 by surpassing its previous high of 10114".

On the currency front, the rupee strengthened by 37 paise to 63.70-71 to a United States dollar from its previous close at 64.07-08.

What kept the gains in check was findings of a private survey which showed that manufacturing sector contracted in July following the GST launch as new orders and output dropped for the first time since the downturn in December a year ago post demonetisation.

Sectoral indices, led by capital goods and metal, registered gains of up to 1.79 per cent.

Biggest losers in the 30-share index were Sun Pharmaceutical Industries (1.95%), Dr Reddy'S Laboratories (1.93%), Tata Motors (1.66%), Tata Consultancy Services (1.30%), and Infosys (1.25%).

Related news