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    Firm global cues propel Sensex 300 points higher, Nifty above 18,000

    Synopsis

    “Nifty’s technical landscape is suggesting major support at the 17,761 mark and below the same, the index will form a lower top/low pattern on the daily charts. Immediate upside hurdles are at the 18,265 mark, while confirmation of strength is now only above the 18,473 mark,” Prashanth Tapse - Senior VP (Research) at Mehta Equities said.

    Firm global cues propel Sensex 300 points higher, Nifty above 18,000iStock
    Following their Asian counterparts, domestic equity indices opened higher on Monday, led by gains in banking and financial stocks.

    BSE Sensex was trading 259 points or 0.43% higher at 60,520 while Nifty50 was 18,019, up 63 points or 0.35% at around 9.21 am.

    In the Sensex pack, HDFC Bank was the top gainer following a strong show in the December quarter. TCS, IndusInd Bank, Tata Steel and Tata Motors were other top-performing stocks, rising 0.5-1%. SBI, HDFC, Bajaj Finance, Axis Bank and HCL Tech also opened with gains.

    On the other hand, only Nestle and HUL opened with cuts.

    Sectorally, Nifty PSU Bank surged 1.11% and Nifty Financial Services 0.78%. Nifty Auto and Nifty Consumer Durables also opened higher. Meanwhile, in the broader market, Nifty Smallcap50 advanced 0.59% and Nifty Midcap50 gained 0.46%.

    “Nifty’s technical landscape is suggesting major support at the 17,761 mark and below the same, the index will form a lower top/low pattern on the daily charts. Immediate upside hurdles are at the 18,265 mark, while confirmation of strength is now only above the 18,473 mark,” Prashanth Tapse - Senior VP (Research) at Mehta Equities said.

    Global Markets
    The S&P 500 and Nasdaq finished at their highest levels in a month on Friday, with shares of JPMorgan Chase and other banks rising following their quarterly results, which kicked off the earnings season.

    The Dow Jones Industrial Average rose 112 points, or 0.33%, to 34,302, the S&P 500 gained 16 points, or 0.40%, to 3,999 and the Nasdaq Composite added 78 points, or 0.71%, to 11,079.

    Asian shares edged higher on Monday as investors waited nervously to see whether the Bank of Japan (BOJ) would defend its super-sized stimulus policy at a pivotal meeting this week.

    MSCI's broadest index of Asia-Pacific shares outside Japan still edged up 0.5%, with hopes for a speedy Chinese reopening giving it a gain of 4.2% last week. China's blue chip index was also up 0.6%.

    FII Outflow
    Nifty turned extremely volatile last week amid aggressive FIIs’ selling pressure. Total FIIs outflows in January so far were around Rs 15,000 crore.

    Currency Watch
    The Indian rupee rose by 9 paise to 81.29 against the US dollar in early trade.

    The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, declined 0.31% to 101.88 level.

    Crude Rate
    Brent crude futures had fallen 0.54%, to $84.82 a barrel, while US West Texas Intermediate (WTI) crude futures slipped 0.8%, to $79.47.

    (With inputs from agencies)



    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

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    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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