BSE Sensex and Nifty edged higher today amid positive momentum on hopes of faster reforms. The BSE Sensex rose over 100 points to 28,013 in early trade while Nifty rose to 8,430. But markets gave up some gains amid weak global markets.
However, weak global cues capped gains. Japanese stocks began 2015 on a down note on Monday as investors showed little taste for risk given weak prospects for global growth and a sombre Wall Street performance on Friday, but the mood towards Japan's outlook remained upbeat after last year's gains.
TS Harihar, Chief Executive and Founder of HRBV Client Solutions Private, said that though the undertone of Indian markets are positive, global events such as ECB meet, Greece elections and dollar's strength vs Euro will impact sentiments. Besides, the management commentary from Infosys will also be impacting markets, he added. Infosys kicks off the earnings season on Friday.
US crude and Brent futures dropped to fresh 5-1/2-year lows on Monday as worries about a surplus of global supplies amid weak demand continued to drag on oil markets. US crude slid as low as $51.40 a barrel, its lowest since May 2009, and at 0312 GMT was just a tick above that at $51.59 a barrel, still down $1.10. February Brent crude dropped as low as $55.36 a barrel, also its lowest since May 2009, before edging back to $55.42, still down a dollar.
At 9:35 am, Sensex was up 77 points to 27,965 while Nifty edged higher by 20 points to 8,415.
(With Agency Inputs)
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