Indian Markets Trade Firm; Senco Gold Lists at 35 Percent Premium

Indian Markets Trade Firm; Senco Gold Lists at 35 Percent Premium

Indian stock markets opened positive on Friday but the markets are facing resistance for NSE Nifty at 19550 levels. Indian markets are also getting support from positive global market trends. US markets closed mixed on Thursday with Nasdaq gaining but Dow Jones closing almost flat. US markets are hovering around their yearly highs for Dow Jones, S&P 500 and Nasdaq. European stocks opened slightly negative on Friday and NSE Nifty was up by 66 points at 12.20 pm. The closing trends in Indian markets will depend on opening of US Futures.

Tech Mahindra, Infosys Technologies and TCS were among major gainers in today’s session. IT stock missed the recent rally and after positive results from TCS, we have witnessed better performance for these stocks. Among major gainers in today’s session were Eicher Motors, Hindalco, Tata Consumer Products, Wipro, Adani Ports, Hero MotoCorp and ICICI Bank.

Among major losers in the morning session were HDFC Life, Titan, Axis Bank, JSW Steel, UltraTech Cement, Bajaj Finance and SBI. Kotak Mahindra Bank, IndusInd Bank and Reliance were trading with minor losses.

Senco Gold stock listed on the markets with 35 percent premium. The stock listed at Rs 431 against offer price of Rs 317 and this marks another successful IPO.

Markets are still looking bullish but there can be a correction. As there has been a strong rally in the past few weeks, the correction can be steep. However, the current mood is bullish and we can expect range-bound trade for today.

Business News: