Wednesday, September 30, 2009

Indian Stocks Open Higher, Bharti Rallies

. Wednesday, September 30, 2009

By stockOzone team

Equities opened with marginal gains on Thursday amid weak cues from overseas shores. But the star performer was Bharti Airtel which attracted buyer interest after talks with MTN Group collapsed.

Bombay Stock Exchange’s Sensex was trading at 17188, higher by 61 points while National Stock Exchange’s Nifty climbed 5.6 points to 5089.

“Nifty has strong support at 5,010-4,980 levels and resistance is placed at 5,150. Technically we see this current momentum heading towards the 5,210/17,550 levels shortly from where we could witness some decent profit taking happening.

Capital Goods and Oil & gas sector is currently showing strong relative strength and we believe that these could outperform in coming days,” said Nirmal Bang Securities in a note.

US stocks fell on Wednesday after a surprising contraction in an index of Midwest business activity, but buying of technology bellwethers like Cisco Systems Inc at the end of a strong quarter limited losses.

The Dow Jones Industrial Average slipped 29.92 points, or 0.31 per cent, to 9,712.28. The Standard & Poor's 500 Index fell 3.53 points, or 0.33 per cent, to 1,057.08. The Nasdaq Composite Index shed 1.62 points, or 0.08 percent, to 2,122.42.

Stocks across Asia declined following Wall Street cues after a surprise drop in manufacturing in the US cast doubts on the strength of a global recovery, while the dollar was on the back foot against higher-yielding currencies. The Nikkei lost 1.41 per cent, Topix fell 1.28 per cent, Straits Times shed 0.73 per cent and Kospi slid 2.43 per cent. Markets in Shanghai and Hong Kong were shut for China's National Day holidays.

Disclosure: Author does not own any of the stocks discussed here.

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