Equities open higher, key index in green despite volatility


Mumbai : Indian equities markets Wednesday opened higher and despite some volatility was still in the positive zone mid-afternoon with a key index showing a gain of nearly 100 points but still well below the psychologically important 9,000 mark.

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Mid-afternoon, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was ruling at 8,790.39, up 94.86 points or 1.09 percent from its previous close Tuesday at 8,695.53 points.

The Sensex opened higher at 8,768.20 points and surged to a high of 8,837.00, hit a low of 8,658.33 to slide into the red before climbing again to its current value.

The broader-based 50-share S&P CNX Nifty of the National Stock Exchange (NSE), also showed a similar trend and was ruling at 2682.85, up 28.85 points or 1.09 percent from its previous close Tuesday at 2638.65 points.

The BSE midcap was, however, still in the red and was ruling at 2,852.94, down 19.65 points or 0.68 percent from its previous close Tuesday at 2,872.59 points.

The BSE smallcap too was in negative territory and was ruling at 3,297.39, down 36.03 points or 1.08 percent from its previous close at 3,333.42 points.

Global cues were mixed with the key index of the New York Stock Exchange finishing overnight with a gain of 1.16 percent but the Nasdaq index closed with a loss of 0.5 percent on news that technology giant Cisco will keep its plants closed for 4 days.

Asian markets too were mixed with the Nikkei, key index of the Tokyo Stock Exchange in the negative zone with a loss of 1.33 percent but the Hang Seng, key index of the Hong Kong Stock Exchange was up 2.65 percent.

Trading is likely to show some volatility but should remain range bound, analysts said. There is still far too much nervousness, they said.