Monday , 24 September 2018

    Home » India » Sensex Opens On A Flat Note, Nifty At 10,743 Ahead Of OPEC Meet Outcome

    Sensex Opens On A Flat Note, Nifty At 10,743 Ahead Of OPEC Meet Outcome

    The S&P BSE Sensex opened on a flat note at 35,428 points, barely 4 points lower, while NSE’s Nifty also traded flat at 10,742.70. However, the market benchmark Sensex slipped 60 points soon after the opening hours to trade at 35,371. Nifty, at the same time, fell 23 points near 10,720 level. Most BSE indices trade in the red. The BSE healthcare index falls 0.67 per cent, BSE industrials fell 0.34 per cent, and BSE energy plunged 0.74 percent. Maximum losses were posted by Reliance Industries (1.27 percent), Coal India (1.14 percent), SunPharma (0.96 perent) and SBI (0.74 percent) in the opening trade.

    The gainers included M&M, ITC and HDFC that rose by 1.65 percent, 0.79 percent and 0.64 percent, respectively. According to traders, sustained selling by participants in line with a weak trend at other Asian markets following overnight losses at the Wall Street amid investor concerns about the trade dispute between the US and China dampened trading sentiments here. Meanwhile, India will raise customs duty on 29 products, including almond, walnut and pulses, imported from the US as a retaliatory action against the tariff hike by Washington. The duty hike would come into effect from August 4, the Finance Ministry said in a notification.

    On Thursday, markets regulator Sebi announced a set of market reforms liberalizing the IPO) norms. This is expected to go down well with the markets in the long run.

    The RITES IPO received a positive response in the first two days of subscription as the issue was subscribed over two times in the closing hours of Thursday.

    Crude Oil amid Vienna meet

    Oil prices rose by more than 1 percent in early Asian trading on Friday, pushed up by uncertainty over whether OPEC would manage to agree a production increase at a meeting in Vienna later in the day. Brent crude futures, the international benchmark for oil prices, were at $74.07 per barrel at 6.04 am, up $1.02 cents, or 1.4 percent, from their last close.

    The Organization of the Petroleum Exporting Countries (OPEC), a producer cartel de-facto led by top exporter Saudi Arabia, is meeting together with some non-OPEC members including top producer Russia at its headquarters in the Austrian capital to discuss output policy. The group started withholding supply in 2017 to prop up prices.

    Amid strong demand, the market has since tightened significantly, pushing up crude prices and triggering calls by consumers to increase supplies.

    Saudi Arabia and Russia are in favour of raising output. Other OPEC-members, including Iran, have opposed this, resulting in a flurry of backdoor diplomacy ahead of the meeting, which starts on Friday. “The actual decision by OPEC and its partners – which may not actually become apparent until Saturday – is the big one traders are watching,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

    Global markets
    Asian shares were under pressure on Friday on signs U.S. trade battles with China and many other countries are starting to chip away at corporate profits, with oil prices choppy ahead of major producers meeting to discuss raising output.

    MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed in early trade, stuck barely above its six-month low hit on Tuesday. Japan’s Nikkei lost 1.0 percent.

    0COMMENTS

    On Wall Street, the Dow Jones Industrial Average fell for an eighth straight session on Thursday and the S&P 500 lost 0.63 percent, with industrials and materials shares hit hard.

    Even the high-flying Nasdaq Composite shed 0.88 percent. (With Reuters,PTI inputs)

    Sensex Opens On A Flat Note, Nifty At 10,743 Ahead Of OPEC Meet Outcome Reviewed by on . The S&P BSE Sensex opened on a flat note at 35,428 points, barely 4 points lower, while NSE's Nifty also traded flat at 10,742.70. However, the market bench The S&P BSE Sensex opened on a flat note at 35,428 points, barely 4 points lower, while NSE's Nifty also traded flat at 10,742.70. However, the market bench Rating: 0
    scroll to top
    Translate »