Sensex, Nifty Subdued In Early Trade; Reliance Industries Gains 1%, TCS Flat Ahead of Q3 Results
The markets have started the day on a quiet note, in line with flat trends on Asian bourses and subdued indications from SGX Nifty. At 10am, the Sensex was at 41,946, higher by 14 points and the Nifty was at 12,359, up three points. The broader markets were continuing their recent out-performance; the BSE Midcap index has gained 0.2 per cent at 15,665 and the smallcap index has added 0.3 per cent at 14,696.
Asian shares inched higher on Friday; MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.19% and Japan's Nikkei added 0.55%. But investors will be closely watching key Chinese economic data for clues on whether its slowdown is starting to bottom out.
Overnight, Wall Street had rallied to fresh record highs with the S&P 500 topping the 3,300 mark for the first time on Thursday, driven by a slew of strong earnings reports, economic data and continued optimism after Beijing and Washington inked the highly anticipated phase-one trade deal.
The Dow Jones jumped 267.42 points, or 0.92 per cent, to close at 29,297.64, Nasdaq Composite Index advanced 98.44 points, or 1.06 per cent, to 9,357.13 and S&P 500 increased 27.52 points, or 0.84 per cent, to 3,316.81.
Oil prices were steady on Friday as investors braced for data expected to show China's economic growth last year slid to its slowest pace in 29 years, holding on to gains for now after Washington and Beijing inked a long-awaited trade deal.
In stock-specific news, market heavyweight Reliance Industries gained 1.7 per cent ahead of its Q3 numbers and TCS was trading flat at Rs 3,238. Among other stocks, Hero Motocorp, Tata Steel, L&T and Hindustan Unilever have added about half a per cent each.
On the other hand, financial stocks are exerting pressure on the indices. IndusInd Bank, SBI, HDFC Bank and HDFC have shed between half a per cent to 2 per cent each.
Among telecom stocks, Bharti Airtel strengthened by 3.6 per cent at Rs 491, while Vodafone Idea nosedived by 32 per cent at Rs 4. In a major setback for mobile service providers, the Supreme Court on Thursday had rejected telecom companies' plea seeking a review of its earlier order that allowed the government to collect dues worth Rs 92,000 crore from them.
S&P BSE Sensex and NSE Nifty had ended flat on Thursday after hitting record highs earlier in the day. The Sensex had surpassed 42,000 for the first time and the Nifty had touched a new record high of 12,389.05. However, the Sensex ended 0.14 per cent or 60 points higher at 41,933 and the NSE Nifty 50 index advanced 0.1 per cent or 12 points to close at 12,356.
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