In today morning’s stock market update, tracking a strong rupee, the domestic stock markets opened in the green amid a crash in crude oil prices. As compared to Tuesday’s close of 10,582.50, the Nifty50 index of the National Stock Exchange (NSE) opened at 10,634.90. The S&P BSE Sensex has started at 35,330.14 against its last close of 35,144.49. Today morning the Sensex opened over 150 points higher, while the NSE Nifty 50 opened above the 10,600-level.
The 30-share Sensex was at 35,318.51, up 174.02 points or 0.50 percent, and the 50-scrip Nifty was at 10,636.05, with a gain of 53.55 points or 0.51 percent, in the first few minutes of trade.
As per the provisional data from NSE on Tuesday, the domestic institutional investors bought net equities worth Rs 335.78 crore.
According to Technical charts forecast, Nifty may head towards the 10,900-mark.
Dyaneshwar Padwal- AVP Technical Analyst, KIFS Trade Capital said, “After placing a bottom near the psychological level of 10,000 Nifty marched towards northern trajectory. In the recent scenario after a consolidation, renewed strength is clearly observed on the daily charts. We are of the opinion that the Nifty is initially heading towards 10,900-mark.”
On worries about weakening world demand and oversupply, the global market oil prices struggled for traction after sinking.
In the meantime, global shares sagged with slowing growth concerns overshadowing potential positives such as progress in the Brexit saga.
on Tuesday, US crude futures dived 7 per cent, suffering their biggest one-day loss in more than three years. The contracts last stood at $55.38 per barrel for a loss of 0.55 percent, which then followed by a descent to a one-year low of $54.75 overnight. Brent crude was down 0.2 per cent at $65.33 per barrel.
Also read: Prices of petrol and diesel remain stagnant: Check rates here