Sensex gives up most of its gains, Nifty turns negative
Frontline indices on Thursday opened on a flat note, with the Nifty trading above 9900-mark in the opening tick.
The Sensex was up 48.81 points at 31720.52, while the Nifty was up 11.30 points at 9926.20. The market breadth was positive as 296 shares advanced against a decline of 110 shares, while 18 shares were unchanged.
In the broader markets, midcaps have outperformed the frontline indices, while on a sectoral level, Nifty Bank, IT and infra are flat with a negative bias.
Mahindra and Mahindra, HUL and Reliance were the top gainers, while NTPC, Wipro, Bharti Infratel and Tata Motors lost the most.
The Indian rupee opened lower at 65.09 per dollar on Thursday versus previous close 65.01. "Rupee has gained from exporter participation and revival of carry trades post RBI announcing status quo on interest rates. USD-INR trading range for the day is seen between 64.90-65.20."
"Rising trajectory of CPI, status quo on RBI policy, reduction in SLR and HTM holdings by banks and worries on Fed's unwinding plans has made local bond market bearish."
"10-year yield has jumped up to 6.70 percent following lack of cues from RBI for further rate cuts. 6.79% GoI 2027 expected trading range for the day is 6.69-6.73 percent," he said.
Asian shares were a tad firmer on Thursday, taking their cues from strong US data although holiday-thinned trade and uncertainty about the impact of recent hurricanes on the U.S. economy are likely to keep investors cautious.
In Asia on Thursday, trade is expected to remain subdued with China, Hong Kong and South Korea closed for public holidays and analysts cautioning against reading too much into index moves.
US stocks edged up to extend their run of record closing highs on Wednesday as data on the services sector added to signs of strength in the economy and prospects for earnings.
It was the third straight session where all three major indexes hit record closing highs, though the small-cap Russell 2000 broke its string of eight all-time high finishes, ending down 0.3 percent.
Shares of Netflix helped lift the S&P 500, rising 2.9 percent, after UBS raised its price target on the company. Shares of Amazon , up 0.9 percent, gave the index its biggest boost.
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