The domestic stock market had a positive start on Wednesday. The S&P BSE Sensex started at 35,282.33 against its last close of 35,199.80. The Nifty50 barometer of the National Stock Exchange (NSE) started at 10,612.65 against its previous close of 10,600.05.
At 9:17 am, the 30-share Sensex traded at 35,267.60, up 67.80 points or 0.19 per cent and the 50-scrip Nifty was at 10,619.10, with a gain of 19.05 points or 0.18 per cent.
Twenty three out of 50 Nifty stocks traded with gains.
Gaining between 0.84 per cent and 1.50 per cent, Tech Mahindra, Yes Bank, HCL Technologies, Tata Motors and Indiabulls Housing Finance were the top Nifty gainers.
Technical charts suggest that markets will move higher. “In the current chart structure on a lower time frame chart — mainly on hourly — Nifty is oscillating in an escalating channel wherein price is marking a new high but RSI (Relative Strength Index) is making a new low.
So it is an indication of a positive hidden divergence and that Nifty will move towards the northern trajectory,” said Dyaneshwar Padwal, AVP Technical Analyst, KIFS Trade Capital. RSI, a technical indicator, is a momentum oscillator that measures speed and change of price movements.
In the global markets, Asian shares stepped ahead cautiously. MSCI’s broadest index of Asia-Pacific shares outside Japan tacked on 0.2 per cent and has so far managed to hold up in November after three straight monthly declines, reported news agency Reuters.
In the commodities market, oil prices dipped after US crude inventories increased to their highest level since December 2017 amid concerns of an emerging global glut, although an expected supply cut by producer cartel OPEC prevented further drops.
US West Texas Intermediate (WTI) crude futures, were at $53.38 per barrel at 0141 GMT or 7:11 am IST, 25 cents, or 0.5 percent below their last settlement.