BSE Sensex rises 129 pts on positive Asian cues
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NSE Nifty fell below its 200-day moving average for the first time in nearly 15 months, led by declines in blue-chip stocks on continued worries about retrospective taxes and lower-than-expected January-March earnings so far.
The 50-shares NSE index declined as much as 0.76 percent to break its 200 day moving average of 8,254.17 for the first time since Feb. 6, 2014, on Monday.
The benchmark BSE index also fell as much as 0.6 percent.
Both the indexes are also heading towards their lowest close since Jan. 8 2015 and their eighth day of falls in nine.
The benchmark BSE Sensex gained over 129 points in early trade today on value-based buying by investors amid positive cues from other Asian markets.
The 30-share index rose by 129.34 points, or 0.47 per cent, at 27,567.28 as buying in stocks of FMCG, power, auto, metal and infrastructure sectors, positively impacted the trading sentiments.
Besides, the National Stock Exchange index Nifty gained 29.20 points, or 0.35 per cent, at 8,334.45.
Brokers said value-based buying in bluechips after recent losses following disappointing earnings and persistent worries over the controversial Minimum Alternate Tax (MAT) issue along with a firming trend in other Asian markets, influenced domestic trading sentiments.
Besides, expectations of encouraging fourth quarter earnings from bluechips such as Maruti Suzuki and ICICI Bank, to be released later today, buoyed sentiments.
Maruti Suzuki shares rose 1.25 per cent, while ICICI Banks scrips were up 1.27 per cent in early trade.
Among other Asian markets, Hong Kong’s Hang Seng was up by 0.66 per cent while Japan’s Nikkei gained 0.22 per cent in early trade.
The US Dow Jones Industrial Average closed 0.12 per cent up at record-high on Friday.
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