Sensex Trades Higher On GST Hopes; FII Inflows

Business

oi-Sunil Fernandes

By Sunil Fernandes

Published: Tuesday, August 2, 2016, 9:41 [IST]

A gush of liquidity from Foreign Portfolio Investors pushed the benchmark indices higher, despite subdued cued from across Asia.

Exchange Traded funds have invested heavily across emerging markets with FPIs now investing a net of almost Rs 10,000 crores in the cash segment of the Indian markets.

Shares across Asia were slightly lower as Wall Street fell marginally and crude oil prices also dropped.

The Sensex was trading with gains of 119 points at 28,118 points, while the Nifty was up 31 points in trade.

Gainers from the Sensex in early morning trade from the Nifty were heavyweights ITC along with Tech Mahindra and Infratel.

In fact, Tech Mahindra gained after the company reported a good set of quarterly numbers. ICICI Bank, which fell 4 per cent on Monday continued to decline. The stock was down 1.22 per cent in trade. However, other private sector lender HDFC Bank was trading with gains in ear;y morning trade.

Interglobe Aviation saw its share price fall, after results largely lagged estimates. Meanwhile, the Indian rupee opened lower at 66.78 to the dollar, as against Monday's clsoe of 66.74.

The markets are now likely to take cues from the GST, which is to be tabled in the Rajya Sabha later this week.

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