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Live: Nifty tests 8450 at open; sugar stocks rally

09:15

The News International Team

9:15 am: Indian shares opened steadily higher, as bulls appeared to be buying shares with renewed vigour after a day’s consolidation.

The BSE Sensex was up 0.30 percent, or 74 points, to 28,237 while the NSE Nifty opened 0.17 percent, or 14 points, higher to 8,442.

Sugar stocks were in focus early amid hopes the government would announce export sops. Sector leaders Balrampur Chini, Shree Renuka and Bajaj Hindusthan were up between 1.54 percent and 3.88 percent.

In individual stocks, SBI hit a 52-week high, rising 0.5 percent to Rs 2,960.

While in news-driven stocks, Infosys was down 0.8 percent after the CFO of its BPO unit was asked to leave after discovery of misconduct, and the CEO resigned soon after.

Telecom stocks were trading marginally lower, with Bharti Airtel, Reliance Communications and Tata Tele were down 0.2 percent to 0.4 percent after the Department of Telecom announced it would split the upcoming spectrum auction into two stages: in February and around May next year.

Ranbaxy was down 0.6 percent after it filed a suit against the US FDA for revoking approval for a couple of its drugs, even as exchanges announced the stock would be dropped from key exchanges following its proposed merger with Sun.

As has been the script since a few days, the action has been in broader market with mid and small caps rising 0.54 percent and 0.65 percent, on average.

However, some experts have expressed caution over the move in mid and small caps, which have rallied about 52 percent and 90 percent, respectively, over the past one year.

“The party is going on but I am worried about valuations in some of these stocks,” CNBC-TV18’s Anuj Singhal said in his market analysis. “You have to realize that when the party stops, you don’t want to be the last man standing.”

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