Sensex Opens Higher; Asian Markets Trade Mixed

Business

oi-Sunil Fernandes

By Sunil Fernandes

Published: Thursday, July 7, 2016, 9:31 [IST]

Benchmark indices opened the day higher, even as Asian markets traded weak and the US markets closed higher after dovish minutes of meeting from the US Federal Reserve.

Oil prices also recovered in trade, which partially saw some recovery in global markets. The Sensex was trading with gains of 30 points, while the lost 1 point in early trade.

In Asia, the Japanese Nikkei was marginally down 0.30 percent, while the Korean Kospi and the Hong Kong's Hang Sang both recovered in trade.

Shares in Punjab National Bank were up 3 per cent, after reports that the company's housing finance subsidiary has submitted a draft red herring prospectus ahead of its IPO.

Shares in ICICI Bank rallied after reports that the bank would seek shareholder nod for raising as much as Rs 25,000 crores through selling bonds and debentures.

JSW Steel was trading lower after India Ratings downgraded the company's long term issuer ratings.

Midcap stocks were trading marginally lower with Amararaja Batteries, dropping by as much as 2 per cent.

PSU Banking stocks were once again having a solid run in trade, as investors continued to bet on non performing asset recovery.

Allahabad Bank, Andhra Bank, Oriental Bank and Bank of India were the big gainers in trade. Meanwhile, the rupee opened steady against the US dollar.

The currency was trading at 67.43 to the USdollar. Check and convert currency rates here

GoodReturns.in