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Indian stock markets are likely to open higher on Wednesday. The focus is likely to be on stocks in the FMCG sector, which may be buoyed by lower-than-expected CPI in March. Positive sentiment, over the International Monetary Fund highlighting pick-up in growth in the euro zone and India may also play a part.
A benchmark index of Indian equities markets, the 30-scrip Sensitive Index (Sensex), is trading slightly lower in early trade, as auto stocks plunge. The Sensex, which opened at 29,087.25 points, was trading at 29,035.7229, points, down 35.02 points (0.12%) from the previous day's close at 29,044.44 points. The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading lower at 8,817.40, down 16.60 points (0.19%).
The BSE Sensex opened higher by 43-odd points at 29,087 and the NSE Nifty was up ten points at 8,844 at the opening bell. The key benchmark indices soon pared early gains and slipped into the negative zone, owing to weakness in metal, Pharma and auto shares. The BSE Sensex and the NSE Nifty touched a low at 29,000 and 8,812, respectively. Currently, the Sensex is down 37 points at 29,007 and the Nifty-50 shares index is down ten points at 8,824.
The broader indices are out-performing the CNX Nifty index, the Midcap and Smallcap indices have gained 0.3 percent each at 13,700 and 6,079, respectively. Among sectors, the CNX Pharma and Auto indices have declined over 0.5 percent each at 13,640 and 8,766, respectively. The Metal index also moved down 0.3 percent at 2,479.
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