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Sensex, Nifty start new year marginally higher

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Sensex, Nifty start new year marginally higher

The BSE and NSE benchmark indices began the new year on a marginally higher note today on reports that the US White House and Congressional Republicans have reached an agreement to avert the ‘fiscal cliff’.  At 9:16 a.m., the 30-share BSE Sensex was up 0.5 per cent, or 96.71 points, at 19,541.55, while the NSE Nifty jumped 29 points to 5,938.10.

Shares in Kingfisher Airlines slumped over 5 per cent after its flying licence expired on Monday. The airline failed to convince the aviation regulator about how it plans to fund operations under a proposal to be airborne again. However, the airline said the expiration of its operating licenses was not a cause for concern as the grounded Indian carrier has two years to renew the license and permits required to fly.

Traders are likely to watch the third quarter earnings season for further cues.

India's current account deficit widened to a record high at 5.4 per cent of gross domestic product in the September quarter as export growth slowed more sharply than imports, with a similar gap expected in the December quarter likely to prolong weakness in the rupee.

Overnight, US stock markets rallied after a choppy trade on hopes that a deal would be reached soon ahead of ‘fiscal cliff’ deadline.

Sources said early on Tuesday (IST) that an agreement had been reached upon a deal to avoid the so-called ‘fiscal cliff’. The measure would extend Bush-era tax cuts for family incomes below $450,000 and delay across-the-board spending cuts set to strike the Pentagon and domestic agencies this week by two months.

With inputs from AP

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