Indices rise in opening deals on global cues

Domestic equity indices inched higher during the opening session on Thursday on positive global cues.

Indices in the US rose overnight after minutes from the Federal Reserve’s latest meeting revealed a strong possibility of two more policy rate hikes in the coming months.

At 9.53 a.m., Sensex was up 164 points at 15,393 points, whereas Nifty 29 points at 16,054 points.

For the Indian economy, elevated crude prices will continue to be a major headwind and sustained FPI selling, which can be expected to continue, will be a major hurdle for the market to rally, said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

“Market trend continues to be uncertain and, therefore, what investors can do now is to buy high quality stocks for medium to long-term. Financials, particularly leading banks, are good buys for the medium to long-term,” he added.

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