Opening Bell – Markets open higher, Nifty nears 9600
Aurobindo Pharma is the top Nifty gainer and Ultratech Cement is the top Nifty loser in the morning hours.
There are 1024 advances, 403 declines and 473 unchanged stocks on NSE reflecting some positive bias floating in the market.
Nifty50 index has immediate support placed around the level of 9,550 and if it holds below this level, further correction up to the level of 9,520 is likely. On the upside, Nifty50 may face resistance around the levels of 9,640-9,650.
The rupee opened at 64.66 per US dollar depreciated by 12 paise. On Thursday, it closed over two week low against the US dollar after US federal reserve raised key interest rates, at 64.54 a dollar—a level last seen on 30 May, down 0.37% from its Wednesday’s close of 64.30.
The US stocks closed mostly lower, but off of their intra-day lows on Thursday. The Dow Jones Industrial Average edged down 15 points to 21,360. The S&P 500 dipped 5 points to finish at 2,432. The Nasdaq Composite Index slipped 29 points to close at 6,166.
Most of the Asian stocks are trading in the positive territory in early trade on Friday. Japan’s Nikkei 225 has been trading with gains of 108 points; Hong Kong’s Hang Seng has surged by 101 points, while China’s Shanghai Composite has shed 4 points.