MARKETS LIVE: Indices open higher, Nifty near 10,750 mark on global cues

Catch all the market action here.

SI Reporter | New Delhi Last Updated at May 11, 2018 09:18 IST

Top Sensex gainers and losers Markets at Open At 9:17 am, the S&P BSE Sensex was trading at 35,383, up 138 points while the broader Nifty50 index was ruling at 10,759, up 42 points Markets at pre-open Index Current Pt. Change % Change S&P BSE SENSEX 35,285.41 +39.14 +0.11 S&P BSE SENSEX 50 11,271.14 +54.32 +0.48 S&P BSE SENSEX Next 50 33,261.80 -8.04 -0.02 S&P BSE 100 11,094.09 +45.24 +0.41 S&P BSE Bharat 22 Index 3,594.03 +11.90 +0.33 (Source: BSE) Reliance Securities on Adani Power We believe recent sharp up-tick in international coal prices will negatively impact the comapny's profitability, as it is dependent on imported coal for most of its power plants. Considering the apex court’s adverse ruling on compensatory tariff and stretched balance sheet post compensatory write-off, we maintain our reduce recommendation on the stock. We factor in lower PLF and lower merchant realization, Consequently, we reduce our target Price from Rs 26 to Rs 24. Lost money investing in OMCs? You can make some by betting on oil producers Investors worried over losses in their investments in oil marketing companies (OMCs) can save some of the pain by investing in oil producers instead. Worries that rising oil prices will hurt the profitability and financials of OMCs have led to their share prices falling by 15-26 per cent in the past three months, versus a 2.5 per cent rise in the S&P BSE Sensex. READ MORE Nifty futures volumes on SGX decline 14% to 1.65 million in April The Indian derivatives contracts traded on the Singapore Exchange (SGX) reported a drop in volumes for second straight month in April. The SGX Nifty 50 Index Futures volume was 1.65 million in April, 14 per cent lower compared to 1.92 million in March. Volumes are down 25 per cent since February, when Indian exchanges announced they were ending commercial licensing to overseas exchanges to curb offshore trading of domestic products. READ MORE

Markets opened slightly higher on Friday taking cues from their Asian counterparts. However, trade is likely to be range-bound ahead of the Karnataka Assembly election. The southern state will vote on Saturday and the poll outcome will be known on May 15.

Stock-specific action is likely to continue on Friday amid the release of March quarter results by companies. Among key results, Canara Bank, Gillette India, Glaxosmithkline Consumer Healthcare, SpiceJet and Tata Global Beverages are likely to announce their March 2018 quarter earnings later in the day.

Among key economic data, the India's industrial production data is likely to be announced later today.

In global markets, Asian markets started on a firm footing and the dollar eased on Friday as softer-than-forecast US inflation data tempered expectations for faster Federal Reserve interest rate rises this year.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose for a second straight session to near three-week highs, while Japan’s Nikkei climbed 0.7 per cent and South Korea’s KOSPI added 0.6 per cent.

Wall Street jumped on Thursday, and Apple inched closer to a $1 trillion stock market value, as tepid inflation data eased worries of faster US interest rate hikes this year.

The Dow Jones Industrial Average rallied 0.8 per cent to end at 24,739.53 points, while the S&P 500 gained 0.94 per cent to 2,723.07, its highest level since mid-March. The Nasdaq Composite added 0.89 per cent to 7,404.98.

(with inputs from Reuters)

First Published: Fri, May 11 2018. 09:15 IST