Market Starts Positive:Sensex Up to 100 point Nifty Closer to 8900

The S&P BSE Sensex rallied as much as 120 points in trade on Thursday, led by gains in Infosys, Axis BankBSE -0.05 %, TCS and Tata Motors BSE 0.02 %.

The S&P 500 was down 1.5%, with US crude oil falling 2.6% to settle at $52.14 a barrel.

The US dollar was nursing losses in Asia on Thursday while bonds held hefty gains as investors scaled back expectations on how fast, and how far, the Federal Reserve might raise interest rates in coming months and years.

the 50-share Nifty index also managed to head higher towards its next crucial psychological level of 8900, supported by gains in consumer durable, oil & gas, capital goods and auto stocks.

 

the 30-share index was at 29422.01, up 101.75 points or 0.35per cent. It touched a high of 29469.86 and a low of 29386.88 in trade today.

Nifty is trading near its immediate resistance levels of 8900 which may induce some pressure, say experts. The crucial supports will now be seen at 8750 levels.

 

Differential voting rights (DVR) shares surge

 S&P BSE Indices announces rules forconsidering DVRs in indexes including benchmark BSE index

 

 Tata Motors DVR was trading 7.2 per cent higher at Rs 375.90. It hit a low of Rs 366.40 and a high of Rs 384 in trade today.

 

Jain Irrigation Systems was trading 14 per cent higher at Rs 54.05, and Future Retail DVR was up 9.8 per cent to Rs 60.

 

All the Asian indices, barring Japan's Nikkei 225, were shut due to Lunar New Year celebrations. Nikkei 225 was up 0.46%

 

US market ended slightly lower yesterday, 18 February 2015, after a drop in energy shares but declines were limited by minutes from the latest Federal Reserve meeting, which showed policymakers were concerned that a premature rise in interest rates could hurt US economic growth and the recovery in the labour market.

 

Market reports indicated that Greece would seek a four-month extension of the current program, under which the country has received 240 billion euros, or $272 billion, in exchange for pursuing various economic overhauls.