Sensex opens marginally up, Nifty near 25,000 amid mixed global cues

Mumbai, Sep 11 (IANS) The domestic benchmark indices opened a tad higher on Thursday, driven by developments in bilateral trade discussions between India and the United States and other global cues.

As of 9.25 am, Sensex was up 85 points or 0.11 per cent, at 81,510 and Nifty was up 24 points or 0.09 per cent at 24,997.

The broadcap indices outperformed benchmark indices, as Nifty Midcap 100 inched up by 0.16 per cent, and the Nifty Small cap 100 moved up 0.28 per cent.

NTPC, ONGC, TCS and SBI were among major gainers on the Nifty, while losers included SBI Life Insurance, Hero Motorcorp, Dr Reddy's Labs, Tech Mahindra and Trent.

Among sectoral indices, Nifty Media, the top gainer, jumped 1.46 per cent. Nifty PSU bank (up 1.11 per cent) and Nifty oil and gas (up 0.91 per cent) were the other major gainers. All other indices made marginal gains or losses.

The Nifty extended its rally for a sixth consecutive session yesterday, driven by encouraging progress in bilateral trade discussions with the United States.

Market sentiment, however, remains cautiously optimistic, although persistent volatility and mixed global cues continue to weigh on investor confidence.

Analysts said that a decisive move above 25,160 could open the path toward 25,340, while immediate support is placed at 24,950 and 24,850 levels.

In the Asia-Pacific markets, hopes for a rate cut by the US Federal Reserve rose, while investors also assessed August inflation data from China. Well above expectations, consumer prices in China fell 0.4 per cent year-over-year in August, according to data from the National Bureau of Statistics.

The Asian markets made strong gains during the morning session. China's Shanghai index advanced 0.92 per cent, and Shenzhen added 2.32 per cent. Japan's Nikkei was up 0.99 per cent, while Hong Kong's Hang Seng Index dipped 0.41 per cent. South Korea's Kospi inched up 0.31 per cent.

On Wednesday, foreign institutional investors (FIIs) net sold equities worth Rs 115 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 5,004 crore.

--IANS

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