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Sensex today: Opens flat above 38,000, Nifty nears 11,500; Eicher Motors, Bharti Airtel lead gains

Financial Express 2018-08-10 11:17:59
Sensex open: The 30-share Sensex retained the 38,000-mark in the opening trade.

Sensex open: The domestic stock markets opened flat on Friday, tracking domestic and global cues. The 30-share index retained the 38,000-mark in the opening trade, while the broader Nifty50 neared the psychological 10,500-mark. Shares of Bharti Airtel, Vedanta, Yes Bank, ONGC, Power Grid gained up to 2% in the Sensex. Snesex opened at 38,050, while Nifty opened at 11,474.

In Nifty, shares of Royal Enfield-maker Eicher Motors gained more than 3% in the morning trade. Shares od Bajaj Auto, Coal India, Tata Motors, Sun Pharma lost nearly 1.5%. 25 shares were seen trading with gains, while the remaining 25 were trading in the red. Earlier, SGX Nifty was trading flat, indicating little movement in Nifty this morning. SGX Nifty was seen trading at 11.470, up by 0.17%.

Yesterday, the 30-share index Sensex closed at yet another fresh record high on Thursday, settling above the 38,000-mark for the first time in Indian stock market history. Sensex closed 136.81 points, or 0.36% higher, at a new record of 38,024.37 points, after scaling a fresh 52-week high of 38,076.23 points on an intra-day basis. The Nifty of the National Stock Exchange, too, hit a record intra-day high of 11,495.20 points, just inches away from the 11,500-mark. The Nifty 50 index closed Thursday’s trade 20.70 points or 0.18% higher at 11,470.70 points. Yesterday, Nifty closed 20 points higher at 11,470.

Also read: Stock in news today: SBI, GAIL, Jet Airways, PC Jeweller, Vedanta, Bhushan Steel to be in focus

Oil markets were impacted on concerns that the U.S.-China trade dispute would stall economic growth, while Washington’s sanctions against Iran were expected to tighten supplies. Front-month Brent crude oil futures were at $72.12 per barrel at 0246 GMT, up 5 cents from their last close, Reuters reported. 

According to Angel Broking, Nifty could move past the 11,500 mark. “We reiterate that one should avoid going against the tide and should now keep focusing on individual stocks which may again become the flavor of the market. For the coming session, 11454 – 11414 are likely to provide some support; whereas on the higher side, 11500 – 11520 remains to be the levels to watch for,” the firm noted.

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