News Worms
News Worms

Nifty inches towards 10100, Sensex opens higher

Nifty inches towards 10100, Sensex opens higher

However, the broader Nifty was trading slightly up by 1.75 points, or 0.02 per cent, at 10,078.85.

"L&T, the engineering and construction conglomerate, rose 3.97 per cent after the company on Friday reported better-than-estimated earnings for the first quarter with a 50.59 per cent jump in consolidated net profit, which in turn helped the NSE index".

Investors will be keeping a close eye on the Reserve Bank of India's meeting on Wednesday, at which it is expected to cut rates.

However, the BSE market breadth was bearish with 1,656 declines and 1,030 advances.

The 50-share barometer of NSE was little changed after the wee minutes of trade, up 0.21% at 10,098.4 while BSE Sensex traded marginally higher up 0.14% at 32,561.79 points.

The Dow rose 0.3 percent to reach another record closing high, while the Nasdaq Composite dropped 0.4 percent and the S&P 500 edged down 0.1 percent.

Foreign portfolio investors (FPIs) net sold shares worth Rs 1,196.94 crore while DIIs bought shares worth Rs 1,768.43 crore yesterday, showed provisional data.

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 past year post demonetisation.

"Markets rallied further on Tuesday to close at new life highs".

"It is the policy week and all hopes are set for an interest-rate cut when the RBI's monetary policy committee meets on August 2", Desai said.

Notably, the index had seen a surge of over 4 per cent on Monday.

Investors' sentiments were buoyed by broadly positive global cues and intense buying activities in banking, consumer durables and capital goods stocks.

On the other hand, Housing Development Finance Corporation (1.07%), Oil & Natural Gas Corporation (0.32%), Axis Bank (0.24%), HDFC Bank (0.14%), NTPC (0.12%), and Reliance Industries (0.11%) were the biggest losers in the Sensex.


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