Key Indian stock indices open lower on Friday

Mumbai, Dec 18 (IANS) After ending higher on four straight trading sessions, key Indian stock indices opened lower on Friday on global cues as concerns resurfaced over the continuing fall in crude oil and commodity prices. There was also some early profit taking on the previous gains.

The sensitive index of the Bombay Stock Exchange (BSE) opened lower at 25,764.67 points, and minutes thereafter, it was ruling at 25,729.92 points, with a loss of 73.86 points or 0.29 percent.

The Nifty of the National Stock Exchange (NSE) was ruling at 7,812.60 points, with a loss of 31.75 points, or 0.40 percent.

The Sensex had gained 309.41 points, or 1.21 percent on Thursday at 25,803.78 points, while the broader Nifty was up 93.45 points or 1.21 percent at 7,844.35 points.

For both indices, the movement was the sharpest in over a month — and came unexpectedly after a cut in the US interest rates.

The movements in the peer bourses in the Asia-Pacific region was volatile, mainly on concerns over fall in the global crude oil and commodity prices on the one hand and handsome gains in the value for gold in spot purchases.

“The US markets fell on Thursday, snapping their three-day winning streak. The stocks were impacted by dip in the oil prices which are now at a seven year low,” said Angel Broking in an analysis ahead of the opening bell for Indian markets.

“European shares closed higher after the US Federal Reserve announced its first hike in almost a decade signalling strengthen in the world’s largest economy. Global markets reacted positively to the US Fed hike as the uncertainty over the timing of the rate hike was finally removed,” the brokerage said.

Indian shares had closed higher amid positive cues from the global markets, with US Fed’s move to raise interest rates for the first time since 2006 was taken as a sign of confidence in the world’s biggest economy.

–Indo-Asian News Seervice


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