Mumbai: stock market in India looked a bit stronger after opening more than 80 points higher. Sensex was almost .5 percent higher than its previous close.
Indian stock markets have witnessed four weeks of continued slide. The heavy selling seen at BSE Sensex has dampened the festive spirits and there is steady slide in the market. The BSE Sensex previous close at 16341.7 points was unexpected merely a month ago when everything was going bright for the stock market.
But Standard and Poor’s downgrading of the US debt changed the whole thing. The 50-scrip S&P CNX Nifty of the National Stock Exchange was also trading in the positive, 0.61 percent up at 4,928.75 points.
Broader markets too were in the green. The BSE midcap index moved up 0.75 percent, while the BSE smallcap index was ruling 0.92 percent higher.
IT, telecom and consumer durables stocks were among major gainers while FMCG and PSU scrips saw some selling. Among major gainers on the Sensex were Bajaj Auto, Jaiprakash Associates, Bharti Airtel and Jindal Steel. The losers included Coal India, Cipla, ONGC and ITC.
US stock market too was volatile. But Dow Jones Industrial Average held its own and closed 37 points higher at 10,854.70.