FIRST TRADE: Indicators open higher; Sensex up 133 points, Nifty at 24,497
Indian stocks on the expiry date opened higher. Earlier, the Nifty was up 0.12 percent or 29.7 points at 24,497.15, while the BSE 30-share index Sensex gained 133.09 points or 0.16 percent to 81,089.42.
The Dow Jones closed above 45,000 for the first time, the S&P 500 and the Nasdaq also hit record highs, boosted by comments from Fed Chairman Jerome Powell about the strength of the US economy and a cautious approach to rate cuts.
By sector, media, pharma and realty faced little selling pressure, while all other indexes traded gains.
FIIs were all buyers in the Indian markets, buying £1,798 crores.
Prashanth Tapse, Senior VP (Research), Mehta Equities said, “The Nifty is likely to move higher if FIIs continue their buying mindset, with strong sentiment driven by expectations of a tighter RBI policy. Key drivers include the policy decision of the RBI on Friday and the non-US -farm payrolls report.”
Technology
Akshay Chinchalkar, Head of Research, Axis Securities said, “The Nifty rose for the fourth consecutive day yesterday, a streak that was last seen the day before the record high on September 27. The daily candle has tracked the spinning top, which means the market is looking for new ways to what’s next, technically speaking.”
In the bull run, the key Ichimoku signal has turned positive, and with the break of 24550 during yesterday’s session, the burden is now on the market to hold temporary support in the area of 24240 – 24300 and make a run to 24800. Below 24240, this view will have to be reconsidered, he added.
Asian markets
Most Asian markets traded mixed in anticipation of Fed Powell’s comments. At last count, the main MSCI Asia ex Japan index was down 0.17 percent.
