Opening Bell: Indices open higher; Sensex gains 122 points, Nifty around 18650

Tata Steel, HUL, IndusInd Bank, Grasim Industries and Dr Reddy’s Laboratories were among major gainers on the Nifty

FPJ Web DeskUpdated: Friday, December 09, 2022, 09:45 AM IST
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Unsplash: Maxim Hopman (Representative)

Today, the benchmark indices opened on a positive note, with Nifty around 18650.

The Sensex was up 122.80 points or 0.20% at 62693.48, and the Nifty was up 37.30 points or 0.20% at 18646.60.

About 1,504 shares advanced, 454 shares declined, and 119 shares were unchanged.

Tata Steel, HUL, IndusInd Bank, Grasim Industries, and Dr Reddy’s Laboratories were among the major gainers on the Nifty, while the major losers were HCL Technologies, Tech Mahindra, Apollo Hospitals, Infosys, and Axis Bank.

Gainers and Losers on the BSE Sensex in early trade

Gainers and Losers on the BSE Sensex in early trade | Source: BSE

"Overnight buoyancy in the US markets could push local benchmarks higher in Friday trades as investors are likely to build steady buying positions ahead of next week's much-awaited US monetary policy announcement. There are concerns that the Fed will be unable to engineer a so-called 'soft landing' for the US economy. However, falling oil prices and China relaxing its coronavirus-related measures are positive factors that bode well for the local markets. The sentiment at Dalal Street is likely to remain buoyant as the ruling party at the centre swept the Gujarat Assembly elections, while the market has taken in its stride the party's uninspiring performance in Himachal Pradesh. Technically, confirmation of strength for Nifty only above the 18888 mark. The line in the sand is at Nifty’s support at 18527, while for Bank Nifty the make-or-break support is at 42900", said Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities Ltd.

BULLION

"Gold and silver prices were steady to positive on Thursday, as the dollar index slipped once again amid gains in other major global currencies and supported both the precious metals."

"Traders are awaiting the U.S. inflation data for November, which will be announced today evening. On the other hand, the Chinese central bank increased its gold reserves by 32 metric tonne in November and its first increase since 2019 which is also supporting the precious metals."

"We expect bullion prices to remain volatile in today’s session. Gold has support at $1774-1762 while resistance is at $1788-1808. Silver has support at $22.80-22.62, while resistance is at $23.34-23.55. In INR terms gold has support at Rs 53,780-53,650, while resistance is at Rs54,280, 54,450. Silver has support at Rs66,650-66,080, while resistance is at Rs67,520–67,880."

CRUDE OIL

"Oil settled lower for a fifth straight session on Thursday as traders shrugged off the closure of a major Canada-to-U.S. crude pipeline, focusing instead on concerns that global economic slowdown would impact fuel demand. Also, unexpected build up in the U.S. gasoline and distillate stocks last week also weighed on oil prices."

"We expect crude oil prices to remain volatile in today’s session. Crude oil is having support at $70.80–69.70 and resistance at $73.20–74.50. In INR terms crude oil has support at Rs5,910-5,820 while resistance is at Rs6,140–6,220", comments on bullion and crude oil by Rahul Kalantri, VP Commodities, Mehta Equities Ltd.

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