Sensex picks up positive momentum on positive global cues

Indian equity benchmarks opened in the green on Friday following positive global cues. At 9:50 a.m., Sensex was up 282 points or 0.35 per cent at 80,180 and Nifty 50 was up 104 points or 0.43 per cent at 24,420.

Buying is also seen in smallcap and midcap stocks. The Nifty Midcap 100 index is at 57,321, up 173 points or 0.30 per cent, and the Nifty Smallcap 100 index is at 19,028, up 108 points or 0.58 per cent. Overall broader market trend is positive.

On NSE 1,589 shares are in the green and 497 in the red. According to the market experts, “The market which has been moving in a narrow range this week might react favourably to positive global and domestic cues.

The positive global cue is the decline in inflation in the US by 0.1 per cent in June triggering hopes of a rate cut by the Fed in September for which the market indicates a 90 per cent probability.” Among the sectoral indices, IT, PSU, fin service and metal are major gainers. Only the realty is in the red.

In the Sensex pack, TCS, Wipro, Infosys, Axis Bank, Tech Mahindra, HCL Tech, M&M, SBI, and Bajaj Finserv are the top gainers. Maruti Suzuki, Sun Pharma, Bharti Airtel, NTPC, Power Grid, and ICICI Bank are the top losers.

The foreign institutional investors (FIIs) turned net sellers on July 11 as they sold equities worth Rs 1,137 crore, while domestic institutional investors bought equities worth Rs 1,676 crore.

(With inputs from IANS)