Key Indian equity market indices open higher

Ray Weaver
September 22, 2017

The US Federal Reserve had left interest rates unchanged on Wednesday but signaled it still expects one more increase by the end of the year despite recent weak inflation readings.

At 10:53am, the Sensex was down 155.26 points or 0.48% at 32,245.25, and the Nifty fell 56.95 points or 0.56% at 10,084.20.

After opening higher at 32,467.10 points, the Sensex slipped into the negative zone to touch a low of 32,383.82 in day trade. BSE small- and mid-cap indices dwarfed the benchmarks, rising to new highs with gains of 0.36 per cent and 0.13 per cent, respectively.

The 30-share BSE Sensex gained a minor 6.91 points to open on 32,406.42 while the broader 50-share NSE Nifty opened on 10,139.60, down by 1.55 points. "Major Asian markets ended on a mixed note, while European indices like FTSE 100 and CAC 40 traded higher", said Jasani. "Current developments to bring petroleum products under GST might enthuse investors", said Anand James, Chief Market Strategist, Geojit Financial Services Ltd. Foreign portfolio investors (FPIs) sold shares worth Rs 1,185.44 crore yesterday, as per provisional data.

The rupee resumed lower at 64.50 per dollar as against yesterday's closing level of 64.27 per dollar at the Interbank Foreign Exchange (Forex) Market.

Market heavyweight Reliance Industries was in a sweet spot as the scrip hit a record high of Rs 872.10 (intra-day) before closing 0.85 per cent higher at Rs 847.10 after the IUC cut is seen as benefiting the company's telecom unit, Reliance Jio. It closed at Rs 847.10 per share - up 0.85 per cent. "Ashok Leyland, Asian Granito, Bombay Dyeing, Centrum Capital, Hexaware Tech, IGL, Meghmani Organics, Punj Lloyd, Trident and Yes Bank, among others, were among those stocks", Desai told IANS.

Sector-wise, the S&P BSE metals consumer durables index dipped by 259.76 points, banking index by 208.79 points and automobile index by 115.69 points. Bucking the trend, pharma stocks rose with Dr Reddy gaining 5.08 per cent, Cipla by 3.94 per cent, Lupin by 3.28 per cent and Sun Pharma by 2.67 per cent.

ICICI Bank fell as much as 2.4 percent to its lowest since August 11, making it the top drag on both indexes.

Other reports by Insurance News

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