Markets Open Higher; Eye GDP Numbers

Business

oi-Sunil Fernandes

By Sunil Fernandes

Updated: Wednesday, August 31, 2016, 9:27 [IST]

Benchmark indices opened the day higher, after surging to a 16-month high on Tuesday. The Sensex was trading with gains of 81 points, while the Nifty was trading with gains of 31 points.

Most of the Asian markets were trading lower, following comments by Fed Vice-Chairman Stanley Fischer's on US the jobs market which raised fears of a possible interest rate hike in the near future in the US.

Most of the Asian indices, including the Hong Kong's Hang Sang, the South Korea's Kospi and Taiwan's TWSE were trading lower. Japan's benchmark Nikkei, was trading 0.85 per cent higher as the Japanese Yen dropped against the US dollar.

Shares in GMDC which rallied a solid 8 per cent on Tuesday following a good set of quarterly numbers was up once again by 2 per cent.

Shares in Kotak Mahindra Bank were up 2 per cent after the RBI granted approval to Canada Pension Plan Investment Board to acquire between 5-10 percent in the bank.

Ultratech Cement too saw solid buying support after the RBI said that FIIs and RFPIs can now invest upto 30 percent in UltraTech Cement.

Banking stocks saw some early buying support with stocks like Bank of Baroda, Canara bank and State Bank of India among the early gainers.

Meanwhile, the rupee opened slightly higher at 67.08 to the US dollar.

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