Markets Open Higher As Asia Rallies On BOJ Policy

Business

oi-Sunil

By Sunil Fernandes

Published: Friday, January 29, 2016, 9:33 [IST]

Indian benchmark indices opened the day higher, as shares rallied following a negative interest rate initiated by the Bank of Japan (BOJ).

The Sensex was trading higher by 118 points, while the Nifty gained 43 points in trade, as a BOJ policy pushed the Asian indices higher there.

Leading the set of losers was ICICI Bank, which fell a huge 6 per cent. The performance of ICICI Bank had a sentimental impact on other banks with PSU banking stocks like State Bank of India, Canara Bank, Punjab National Bank and Bank of Baroda all falling in trade.

Shares in ONGC gained ground following a sharp rally in the prices of crude. Shares in Maruti crashed, following a disappointing set of numbers. The stock was down 3 per cent in trade.

Nifty gainers in trade were Cairn India, ITC, Reliance, Infosys, Sun Pharma and TCS. Midcap shares were also having a good session with notable winners being NHPC and SKS Micro.

Shares in Larsen and Toubro were trading higher ahead of the company's results to be declared later today.
Meanwhile, most of Asia was having a stellar rally, thanks to the Bank of Japan policy. The Shanghai Composite, the Hong Kong's Hang Sang and the Japanese Nikkei were all higher in trade.

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