Sensex trades higher on strong global cues

Mumbai, Aug 9 (IANS) Indian equity indices opened with gains on Friday, following positive global cues.At 9:33 a.m., Sensex was up 867 points or 1.07 per cent at 79,730 and Nifty was at 24,374, up 257 points or 1.07 per cent.

Buying is also seen in the midcap and smallcap stocks. Nifty midcap 100 index is up 515 points or 0.91 per cent at 57,196 and Nifty smallcap 100 index is up 185 points or 1.01 per cent at 18,492.

India VIX, an indicator that shows volatility in the stock market is down by 5.72 per cent at 15.65.Almost all NSE indices are trading in the green. Auto, IT, metal, realty, energy and media are major gainers.All 30 stocks in Sensex are trading in the green. Tech Mahindra, HCL Tech, Tata Motors, M&M, TCS and Wipro are the top gainers.

Major Asian markets are in the green. Tokyo, Shanghai, Seoul and Bangkok are the major gainers. The US market closed in the green on Thursday following jobless claims, fell more than expected.

The foreign institutional investors (FIIs) sold equities worth Rs 2,626 crore on August 8, while domestic institutional investors bought equities worth Rs 577 crore on the same day.

Choice Broking said: "After a gap-up opening, Nifty can find support at 24,150 followed by 24,100 and 24,000. On the higher side, 24,400 can be an immediate resistance, followed by 24,450 and 24,500."

"The sharp rebound in US markets yesterday indicates that the recession fears were a bit overdone. The latest initial jobless claims came lower than expected indicating that the labour market is not loosening as many sceptics feared. However, it is important to understand that the US economy is slowing down, and along with the struggling Chinese economy, it can pull down global growth in the near term," another expert said.