VantageTrade Eagle Eye: Sensex and Nifty flat but positive at open

The markets opened higher on Wednesday morning extending the gains after the repo rate cut by RBI. Investors’ sentiment was also supported by overnight gains in US stocks and positive trend on Asian bourses. The benchmarks hit the intraday highs in the initial part of the trading session, however it lost some of the gains after the consumer inflation for March turned out to be higher than in the previous month, 9.47% in contrast to 8.83% in February.  In the last half an hour of the trading the markets fell to their intraday lows as European markets were trading in Red.

Nifty closed at 5300, up 10.30 points or 0.19%. It touched a high of 5342 and low of 5293.45 in trade today. Sensex ended at 17392.39, up 34.45 points or 0.20%. It touched intraday high of 17522.80 and low of 17371.93.

The US stocks fell as IBM and Intel earnings were not good enough to increase the sentiment. Also the lasting anxiety about euro zone debt dampened the sentiment. The Dow Jones industrial average ended down 82.79 points, or 0.63%, at 13,032.75. The Standard & Poor's 500 Index was down 5.64 points, or 0.41%, at 1,385.14. The Nasdaq Composite Index was down 11.37 points, or 0.37%, at 3,031.45.

Asian traders became cautious today ahead of Spanish debt sale. Japan's Nikkei 225 index was trading 0.6% lower at 9,602.62 and Hong Kong's Hang Seng was trading higher at 20,840.12, up 0.2%. South Korea's Kospi was trading flat at 2004.45 and China's Shanghai was trading at 2379, down 0.04%.

Indian market opened flat due to lack of positive triggers from global peers. Nifty opened 20.6 points up at 5,320.60 and Sensex rose 40.5 points and was trading at 17,432.89. Cement makers ACC and Ambuja Cements are spotlighted today as the companies are going to present their quarterly results today.

 

 

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