Opening Bell - Sensex, Nifty rally in early trade

India Infoline News Service | Mumbai | October 17, 2016 09:15 IST

At 9:15 AM, the S&P BSE Sensex is trading at 27,776 up 102 points, while NSE Nifty is trading at 8,613 up 30 points.

Sensex goes Up
At 9:15 AM, the S&P BSE Sensex is trading at 27,776 up 102 points, while NSE Nifty is trading at 8,613 up 30 points.

The rupee opened lower by 11 paise at 66.81/$ as against the previous close of 66.70/$.

On the economy front, India’s WPI in the month of September 2016 softened to 3.57% compared to 3.74% in the previous month. Also, retail inflation eased sharply to 4.31% in September, the slowest in more than a year, from 5.05% from August, mainly on account of a sharp fall in food prices.

Friday’s speech by Janet Yellen saw markets getting a bit worried as she guided that the Fed may need to run a ‘high-pressure’ economy with robust aggregate demand and a tight labor market to deal with the damage caused by the global financial crisis. While the Fed will look at plausible ways for the same, speculation continues on whether interest rates will be raised given that inflation is likely to inch higher on account of rising crude oil prices.

Asian markets traded mixed in the early start as markets continue to seek direction with event risk seeing caution prevail. Rise in US bond yields to 4 month highs, strength in the US $ ahead of the US elections & the subsequent Fed monetary policy are all seeing profit booking in most global equity markets. Oil prices retreated while Gold prices firmed up as defensive buying re emerged.

Life Insurance Corp. of India (LIC) has decided to part-fund the government’s ambitious projects till completion and initially invest up to Rs6,000 crore in bonds sold by the National Highways Authority of India (NHAI) this financial year alone.

Ruia’s promoted Essar Oil sealed a deal with Russia’s Rosneft, United Capital Partners and Trafigura Group Pte. to sell 98% in its most priced asset, the 20 million tonnes per annum Vadinar refinery and Vadinar port in Gujarat.
 

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