Sensex scales 17000 Markets continued with its upward march taking cues from peers in Asia and on hopes of revival in global and domestic economy.
“The opening moments will be dominated more by Oil India’s listing. The market will be keen to see how the stock behaves after a tepid debut for Adani Power and NHPC. We expect another positive start though Asian stock markets are mixed after overnight losses on Wall Street. If global cues remain indecisive the market might just turn choppy again being a curtailed week.
The market has already had a terrific run in anticipation of the imminent rebound. So, it remains to be seen how long the current momentum continues. The scope for further advance does appear to be limited and every rise will be interrupted with periodic falls,
National Stock Exchange’s Nifty was at 5048.15, up 41.30 points or 0.82 per cent. The broader index hit a high of 5049.15 and low of 5004.35.
“Trend deciding level for the day is 4995 / 16855. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 5032 – 5057 / 16906 – 16960. However, if Nifty trades below 4995 / 16855 for the first half-an-hour of trade then it may correct up to 4971 / 16801,” said Angel Broking note.
BSE Midcap Index was up 0.44 per cent and BSE Smallcap Index moved 0.55 per cent higher.
Amongst the sectoral indices, BSE Oil&gas Index gained 0.78 per cent, BSE Bankex advanced 0.73 per cent and BSE IT Index moved up 0.71 per cent. BSE Healthcare Index was marginally lower.
Newly listed Oil India was trading at Rs 1129.15, up Rs 79.15 or 7.54 per cent. The scrip touched a high of Rs 1149 and low of Rs 1090 in early trade on volume of 11525995 shares.
US stocks fell on Tuesday as a surprise drop in a gauge of consumer confidence overshadowed signs of stabilization in housing and strong performance in quarterly earnings from Walgreen Co.
Meanwhile, stocks across Asia-Pacific traded on a mixed note amid losses on Wall Street. The Hang Seng dropped 0.73 per cent, Straits Times fell 0.51 per cent and Kospi edged 0.73 per cent lower. The Nikkei 225 rose 0.05 per cent, Shanghai Composite climbed 0.86 per cent and Taiwan Weighted gained 1.11 per cent.