ZCZC
BCN-24
INDIA-MARKET-SENSEX
Sensex, Nifty open positive ahead of F&O expiry
Mumbai, Feb 28, 2019 (BSS/PTI) – The benchmark BSE Sensex opened on a
positive note Thursday amid buying by domestic as well as foreign
institutional investors ahead of February derivatives expiry.
Investors, however, were cautious on concerns over the tension between
India and Pakistan .
The 30-share index was trading higher by 81.45 points, or 0.23 per cent, to
35,986.88. The gauge had lost 308 points in the previous two sessions.
The NSE Nifty too was trading in the green, up 35.35 points, or 0.33 per
cent, at 10,842.
Major gainers that supported key indices were Coal India, Bharti Airtel,
ONGC, Sun Pharma, PowerGrid, Asian Paint, RIL, Infosys, ICICI Bank, IndusInd
Bank, SBI, Tata Motors, Yes Bank, HUL, HDFC Bank and Vedanta, rising up to
1.42 per cent.
According to Sunil Sharma, Chief Investment Officer, Sanctum Wealth
Management, while attacks on the India Pakistan border and war-like situation
continue to make headlines, Indian markets have been resilient.
“Clearly, the market appears to be suggesting that things will subside as
both sides do not appear to want an escalation.
“The flip side of the event is that investors seem to be recognizing a
greater likelihood of a victory for the current regime in upcoming elections;
with the follow-on implication that while the near term may be fraught with
tensions and a fear of escalation, the medium term picture is possibly
clarifying in terms of election outcome and that’s a positive for the
market,” he said.
Investors are covering their pending short positions on the last trading
session of February futures and options (F&O) expiry in the derivatives
segment, brokers said.
Market is also awaiting GDP numbers and fiscal deficit data scheduled for
release later in the day.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net of
Rs 423.04 crore, while domestic institutional investors (DIIs) made purchases
to the tune of Rs 66.81 crore Wednesday, provisional data showed.
Elsewhere in Asia, Hong Kong’s Hang Seng gained 0.06 per cent, while
Japan’s Nikkei was down 0.35 per cent in early trade Thursday. The Shanghai
Composite Index fell 0.35 per cent.
The US Dow Jones Industrial Average ended 0.28 per cent lower Wednesday.
The rupee, meanwhile, rose 10 paise to 71.14 against the US dollar in
opening.
BSS/PTI/HR/1212