Sensex Trades Higher Even As Global Cues Remain Bearish

Business

oi-Sunil Fernandes

By Sunil Fernandes

Updated: Thursday, September 1, 2016, 9:43 [IST]

Benchmark indices once again rallied in early morning trade, as global cues were largely weak, as crude prices dropped.

Most of the markets across Asia were weak, ahead of the US jobs data. In fact, the data would be key to watch, to see if the US would hike interest rates. Most analyst believe that an interest rate hike in the US is possible in Sept itself, should the US jobs data come in strong enough.

The Sensex was trading with gains of 63 points, while the Nifty rallied 14 points in trade. Analysts believe that there is tremendous amount of liquidity, which is driving stocks higher, though valuations now look a little stretched.

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Shares that gained in early morning trade were ITC, ICICI Bank and Tata Motors. Shares that lost ground were ONGC, which fell modestly on a drop in crude prices.

Shares in Reliance Industries were marginally down ahead of the company's annual general body meeting. Investors are likely to await an update on Reliance's 4G plans.

Shares in Welspun India, which has been witnessing a sustained fall in the last few sessions, finally bounced back and was trading with 2 per cent gains.

Meanwhile, the rupee opened at 66.98 to the US dollar.

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