Sensex Opens Higher On First Day Of Sept Series

Business

oi-Sunil Fernandes

By Sunil Fernandes

Published: Friday, August 26, 2016, 9:31 [IST]

Benchmark indices opened the day higher, as markets began the first day of the new September series on a positive note. Global indices were mostly lower, ahead of Janet Yellen's speech at Jackson Hole.

Her hints on interest rate hikes, if any, assume great importance, after reports that if Donald Trump becomes President of the United States, it may lead to a global recession.

The Sensex was trading with gains of 55 points, while the Nifty was up 20 points in trade.

The August F&O series saw some good selling pressure and the Sept F&O series has now begun with the markets trading higher.

Shares in Tata Motors was higher by almost 2 per cent, ahead of its results to be declared later today. Most analysts are expecting the company to report a good set of quarterly numbers.

Shares in Welspun India, which shed as much as 50 per cent in 4 trading sessions, following reports of Target severing ties with the company, was up 4 per cent. Other companies like Walmart have also ordered some kind of checks on the products of the company.

PSU banking stocks were seeing some selling pressure in early trade, with stocks like State Bank of India and Canara Bank among the early losers.

Meanwhile, the rupee which has exhibited a weakish trend in the last few weeks was trading at 67 to the dollar.

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