Sensex, Nifty Open Higher; NTPC, Tata Motors, L&T Top Gainers
Sensex, Nifty Open Higher; NTPC, Tata Motors, L&T Top Gainers
Stock markets today: Out of the 30 shares on the Sensex, 18 shares were in green during the morning trade

The BSE Sensex on Friday, September 29, opened 235.61 points higher at 65,743.93, while the NSE Nifty also advanced 76.7 points to 19,600.25.

Out of the 30 shares on the Sensex, 18 shares were in green during the morning trade. NTPC, Larsen & Toubro, Tata Motors, JSW Steel and SBI were the top gainers rising up to 2.57 per cent. However, among the top losers were Infosys, Wipro, TCS, HCL Tech, and Asian Paints decling up to 1.49 per cent.

V K Vijayakumar, chief investment strategist at Geojit Financial Services, said, “The ‘sell on rally’ market construct is likely to change in October. October is usually a favourable month, both for US and Indian markets. There are indications that this historical trend may play out this October too. The ‘triple whammy’ of up-trending dollar, US bond yields and Brent crude is showing signs of easing. If this trend continues it will facilitate a recovery in markets. Stability in the US market yesterday also can be a supportive factor.”

He added that sustained FII selling may continue to weigh on markets. FII selling of Rs 25,000 crore this month has pulled down the banking stocks making their valuations attractive. The Q2 results of the banking segment will be good and the market can respond positively to this. This is a safe bet now.

“The US PCE inflation data expected tonight is significant since it can indicate the trajectory of US inflation and interest rates,” Vijayakumar said.

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