Sunday, September 6, 2009

Indian Stocks Open Higher; Nifty Mounts 4700

. Sunday, September 6, 2009

By stockOzone team

Stocks opened higher on Monday buoyed by gains across overseas markets. Realty and metal stocks led the upside. Midcaps and smallcaps attracted investor interest.

Bombay Stock Exchange’s Sensex was trading at 15839, higher by 149 points while National Stock Exchange’s Nifty rose 31 points to 4711.

“If Nifty futures sustains above 4750 levels then buying may emerge in the market till 4800-4850 levels. If Nifty trades below 4600 levels then selling pressure may get intense in the market which may push Nifty on downside.,” said Anand Rathi Securities in a note.

US stocks closed on a higher note Friday as investors focused on the bright side of a mixed payrolls report that showed smaller-than-expected job cuts in August, although the unemployment rate hit a 26-year high.

The Dow Jones Industrial Average climbed 96.66 points, or 1.03 per cent, to end at 9,441.27. The Standard & Poor's 500 Index gained 13.16 points, or 1.31 per cent, to 1,016.40. The Nasdaq Composite Index rose 35.58 points, or 1.79 percent, to close at 2,018.78.

Asian stocks were on the rise Monday after data showed fewer job cuts in the United States in August. The Nikkei climbed 1.02 per cent, Topix rose 0.76 per cent, Hang Seng surged 1.76 per cent and Straits Times edged 0.13 per cent higher.

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

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