Indian equities open higher ignoring global cues


Mumbai, May 12 (IANS): Despite weak global cues and a slide in the SGX Nifty that trades on the Singapore exchange, key Indian equity market indices opened higher on Thursday as analysts saw some positive movement forward in the reforms programme with a new bankruptcy code.

The sensitive index (Sensex) of the BSE, which had closed at 25,597.02 points on Wednesday, opened at 25,684.60 points, some minutes after it was trading at 25,728.91 points with a gain of 131.89 points, or 0.52 percent.

At the National Stock Exchange, the 51-scrip Nifty opened at 7,871.45 points against the earlier close at 7,885.65 points. This index, some minutes later, was ruling at 7,879.55 with a gain of 30.70 points, or 0.39 percent.

Sentiments were boosted by parliament passing the Insolvency and Bankruptcy Code 2016, seen as a key reform that will encourage entrepreneurship without the fear of ruining your entire family wealth and make it much easier to do business in the country.

On Wednesday, due to some concerns over a new tax treaty with Mauritius, the Sensex had fallen 175.51 points, or 0.68 percent, while the wider 51-scrip Nifty ended lower by 38.95 points, or 0.49 percent.

"The US market on Wednesday opened with a negative note and the fall accelerated at close erased nearly all of the sizable gains from the previous day's session," Angel Broking said in a an analysis ahead of the market opening.

"European stocks were also slightly lower on Wednesday, with German shares particularly weak on losses among the big auto makers. The German DAX was declined 0.7 percent, France's CAC 40 eased 0.55 percent, while the Britain's FTSE 100 was up 0.09 percent," the brokerage said.

"Indian markets had opened with a deep cut, amid concerns over future foreign investments flows, as India and Mauritius signed the Double Taxation Avoidance Agreement, under which capital gains earned by Mauritian entity will be taxable In India at the full domestic tax rate from 2019-20."

  

Top Stories


Leave a Comment

Title: Indian equities open higher ignoring global cues



You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.