Sensex surges over 100 points, Nifty tests 9,200; Infosys, SBI top gainers
NEW DELHI: Benchmark indices opened on a choppy note with a positive bias on Tuesday, tracking mixed cues from Asian markets. Crude prices jumped to nearly $56 a barrel level in overnight trade amid geopolitical risks after US military action in Syria, while buoyant dollar drifted the rupee lower by 40 paise in early morning trade.
The market though held up some gains amid upbeat foreign flows which stood over Rs 4,800 crore this month.
At 9.20 am, the BSE Sensex was trading higher by 117.51 points, at 29,693.The Nifty50 added 22 points, to 9,203. Rupee fell 38 paise to 64.66 level against the greenback.
“We believe Indian equity will trade above long term average and a sharp correction in Nifty50 is unlikely anytime soon as FPI flows are expected to persist and DII flows are expected to remain robust. Applying a target multiple of 17 times on FY19 Nifty50 EPS of 570, we arrive at our FY18 target of 9,700,” said ICICI Securities in a note.
Infosys rose 1.67 per cent to Rs 968.85. Lupin, SBI and Sun Pharma rose up to 0.7 per cent. On the flipside, Bajaj Auto, Mahindra & Mahindra and Reliance Industries fell up to 0.9 per cent.
Asian markets across Japan, China, Hong Hong and Korea were trading mixed in morning trade. In overnight trade, the Dow Jones Industrial Average inched up 1.92 points, or 0.01 per cent, to close at 20,658.02. The S&P500 index added 1.62 points, or 0.07 per cent, to 2,357.16. The Nasdaq Composite index edged 3.11 points, or 0.05 per cent, higher to 5,880.93.
The market though held up some gains amid upbeat foreign flows which stood over Rs 4,800 crore this month.
At 9.20 am, the BSE Sensex was trading higher by 117.51 points, at 29,693.The Nifty50 added 22 points, to 9,203. Rupee fell 38 paise to 64.66 level against the greenback.
“We believe Indian equity will trade above long term average and a sharp correction in Nifty50 is unlikely anytime soon as FPI flows are expected to persist and DII flows are expected to remain robust. Applying a target multiple of 17 times on FY19 Nifty50 EPS of 570, we arrive at our FY18 target of 9,700,” said ICICI Securities in a note.
Infosys rose 1.67 per cent to Rs 968.85. Lupin, SBI and Sun Pharma rose up to 0.7 per cent. On the flipside, Bajaj Auto, Mahindra & Mahindra and Reliance Industries fell up to 0.9 per cent.
Asian markets across Japan, China, Hong Hong and Korea were trading mixed in morning trade. In overnight trade, the Dow Jones Industrial Average inched up 1.92 points, or 0.01 per cent, to close at 20,658.02. The S&P500 index added 1.62 points, or 0.07 per cent, to 2,357.16. The Nasdaq Composite index edged 3.11 points, or 0.05 per cent, higher to 5,880.93.
