Mumbai, Sep 3 (IANS) Indian equity benchmarks opened higher on Thursday tracking positive global cues and gains in Asian markets.

Sensex opened 154.60 points or 0.20 per cent higher at 76,724.95, while Nifty gained 83.50 points or 0.35 per cent to 23,997.95.

In early trade, banking and realty stocks led sectoral gains as Nifty PSU Bank and Nifty Realty gained up to 1 per cent.

Meanwhile, Nifty Private Bank climbed 0.83 per cent and Nifty MidSmall Financial Services index advanced 0.82 per cent.

On the other hand, Nifty IT fell 0.8 per cent, while Nifty FMCG dropped 0.44 per cent and Nifty Healthcare, Nifty Pharma and Nifty500 Healthcare were also marginally lower.

According to market experts, sentiment was likely to improve following a slight easing in US bond yields.

They said the mobilisation of $136 billion under a concessional swap facility, including $127 billion through the FCNR(B) scheme could support the rupee and improve foreign investor confidence.

The large FCNR(B) mobilisation by banks could also help improve net interest margins, providing support to banking stocks, they said.

They noted that Wednesday’s 141-point decline in Nifty came despite institutional buying of about Rs 9,500 crore comprising Rs 6,688 crore from foreign institutional investors and Rs 2,812 crore from domestic institutional investors.

“This suggested that selling pressure had largely come from retail investors, proprietary traders and bears,” according to the experts.

Technical analysts said the rebound from around 23,800 had strengthened expectations of a move higher, although they remained cautious about chasing prices. A break above the 24,150-24,215 zone would signal further strength, while 23,860 was seen as an important downside marker.

Additionally, Asian equities broadly mirrored gains on Wall Street. In addition, crude oil prices edged lower after US President Donald Trump downplayed the likelihood of an extended conflict with Iran.

–IANS

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