Equities open higher, key index up marginally

November 26th, 2008 - 12:29 pm ICT by IANS  

Mumbai, Nov 26 (IANS) Indian equities markets Wednesday opened higher and were in positive territory 30 minutes into trading with a key index showing marginal gains of about 20 points but still well below the psychologically important 9,000 mark.Some 30 minutes into trading, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was ruling at 8,715.07, up 19.54 percent or 0.22 percent from its previous close Tuesday at 8,695.53 points.

The Sensex opened higher at 8,768.20 points and surged to a high of 8,828.12 before sliding back a bit to its current value.

The broader-based 50-share S&P CNX Nifty of the National Stock Exchange (NSE), also showed a similar trend and was ruling at 2660.85, up 6.85 points or 0.26 percent from its previous close Tuesday at 2638.65 points.

The BSE midcap was, however, in the red and was ruling at 2,852.01, down 20.58 points or 0.72 percent from its previous close Tuesday at 2,872.59 points.

The BSE smallcap too was in negative territory and was ruling at 3,315.77, down 17.65 points or 0.53 percent from its previous close at 3,333.42 points.

Global cues were mixed with the key index of the New York Stock Exchange finishing overnight with a gain of 1.16 percent but the Nasdaq index closed with a loss of 0.5 percent on news that technology giant Cisco will keep its plants closed for four days.

Asian markets too were mixed with the Nikkei, key index of the Tokyo Stock Exchange in the negative zone with a loss of 0.66 percent but the Hang Seng, key index of the Hong Kong Stock Exchange was up 3.15 percent.

Trading is likely to show some volatility but should remain range bound, analysts said. There is still far too much nervousness, they said.

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