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Sensex gains over 50 pts, Nifty50 nears 11,550; Coal India falls 2%

Among the 50 stocks in the Nifty index, 25 were in the green and 25 in the red.

Updated: Sep 05, 2018, 10.18 AM IST
Sensex surges after a flat opening amid weak global cues
Sensex surges after a flat opening amid weak global cues
NEW DELHI: Equity benchmarks Nifty and Sensex opened with tepid gains on Wednesday amid weak global cues.

US stocks ended lower on Tuesday due to losses in shares of Facebook and Nike. The concern over the fate of NAFTA after the US said it was ready to go with only Mexico with a bilateral agreement kept sentiment subdued.

Canadian Prime Minister Justin Trudeau indicated on Tuesday that Canada would not compromise on key demands at high-level talks this week with the United States to update the North American Free Trade Agreement, Reuters reported.

Asian stocks remained lower as investors chose to stay away from equities and preferred safe-haven US dollar that saw an uptick in light of a lingering trade war.

The concerns over Sebi's KYC norms were addressed by the government on Tuesday. An investor lobby group named AMRI (Asset Management Roundtable of India) on Monday said the immediate impact of the Sebi KYC norms, if not amended, would flush out USD 75-billion FPI investment from the country within a short timeframe.

Seeking to assuage foreign investors' fears, the government on Tuesday said there were no changes in the April 10 Sebi circular and overseas Indians would continue to be allowed to invest up to 5 per cent in any security under current regulations. Economic Affairs Secretary S C Garg asserted that capital markets regulator Sebi last month extended the deadline of the circular until December and wondered why there was much ado about the proposed guidelines.

The rupee recovered from its all-time low of 71.58 and strengthened by 20 paise to 71.38 against the US dollar in opening trade.

Around 9:30 am, the BSE Sensex was 42 points, or 0.11 per cent, up at 38,200 while the Nifty50 was up 9 points, or 0.08 per cent, at 11,530.

Among the 50 stocks of the Nifty index, 25 were in the green and 25 stumbled.

The Sensex had 19 stocks advancing and 12 declining.

Sun Pharma, PowerGrid, Asian Paints, Mahindra & Mahindra, Wipro and ITC were leading among Sensex scrips.

Coal India, however, slipped over 2 per cent, leading the pack of Sensex losers.

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