Indices open flat, Sensex up 17 points in early deals

Sensex, Nifty, Market Today – Stock Exchange Today: Benchmark indices on the BSE and National Stock Exchange (NSE) opened flat on Friday with some positive bias amid mixed signals in the global market.

At 9:16 a.m., the S&P BSE Sensex was trading at 60,314.74 points, up 16.74 points (0.03 percent), while the Nifty 50 rose 9.20 points (0.05 percent) to 17,965.70.

On the Sensex package, early trading gains were led by Ultratech Cement, with Tech Mahindra, Wipro, M&M, Kotak Mahindra Bank and Bajaj Finserv being the biggest winners. By contrast, Power Grid, IndusInd Bank, ICICI Bank, RIL, NTPC and Nestle India were the laggards.

“Nifty made a double top compared to the previous session but finished marginally higher. Large volumes and range moves mean that there seems to be a lot of churning between sectors and stocks. With no signs of a reversal on the horizon, Nifty could rise to 18,115 in the next few sessions. On the other hand, exceeding 17,833 could mean faster downsides,” said Deepak Jasani, Head of Retail Research at HDFC Securities.

Global Markets (from Reuters)

Asian equities remained in limbo on Friday, while the US dollar took a beating as recession clouds gathered over Europe, highlighting the relative outperformance of the US economy.

Additional concerns about the health of the Chinese economy saw MSCI’s broadest index of Asia-Pacific stocks outside Japan fall 0.3 percent, down 1.1 percent on a weekly basis.

Chinese blue chips were flat, while South Korea lost 0.5 percent. Japan’s Nikkei outperformed, gaining 0.3 percent, partly due to a renewed decline in the yen.

S&P 500 futures eased 0.1 percent and changed little over the week after repeatedly failing to clear the 200-day moving average, while Nasdaq futures fell 0.2 percent. EUROSTOXX 50 futures fell 0.1 percent, while FTSE futures rose 0.2 percent.

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