Sensex trades higher after opening at new all-time high

Mumbai, Aug 30 (IANS) Indian equity indices were trading higher after opening at a fresh record high on Friday, following positive cues from Asian peers.

At 9:37 a.m., Sensex was up 221 points or 0.27 per cent at 82,355 and Nifty was up 66 points or 0.26 per cent at 25,217.

At the beginning of the trading session, Sensex and Nifty made a new all-time high of 82,637 and 25,249 respectively.

The market trend remains positive. On the National Stock Exchange (NSE) 1,276 shares are in the green and 888 shares in the red.

Almost all indices are trading in the green. PSU Bank, fin service, FMCGm Pharma, energy and pvt bank are major gainers.

In the Sensex pack, Bajaj Finance, Bajaj Finserv, HDFC Bank, NTPC, Power Grid, L&T, Titan, M&M, Asian Paints and Reliance are the top gainers. Tata Motors, Tech Mahindra, Wipro, TCS, Sun Pharma and HCL Tech are the top losers.

Along with largecaps, there is a bullish trend in midcaps and smallcaps also. The Nifty Midcap 100 index is at 59,139, up 255 points or 0.45 per cent, and the Nifty Smallcap 100 index is at 19,292, up 79 points or 0.41 per cent.

According to market experts: “This near-term trend in the market is likely to continue. A breakout from the present can happen if the banking stocks witness big buying. However, the struggle for deposits experienced by the banking system and the consequent feared pressure on margins are keeping the demand for banking stocks depressed despite attractive valuations. Largecaps are outperforming the broader market now. This is a healthy trend.”

Almost all Asian markets are bullish. Tokyo, Seoul, Jakarta and Bangkok are trading with a gain of about half a percent. US markets closed mixed on Thursday.

The foreign institutional investors (FIIs) bought equities worth Rs 3,259 crore on August 29, while domestic institutional investors extended their buying as they bought equities worth Rs 2690 crore on the same day.

—IANS

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