Indian benchmark indices opened higher today mixed global cues. Sensex opened 33 points higher at 59,777 and Nifty gained 20 points to17,574. The market capitalisation of BSE-listed firms stood at Rs 260.25 lakh crore.
TCS, PowerGrid and HCL Tech were the top Sensex gainers, rising up to 0.34 per cent in early trade. Of 30 Sensex shares, 22 were trading in the red. Asian Paints, IndusInd Bank, Bajaj Finserv, HDFC Bank and Titan were the top Sensex losers, falling up to 1.82%.
Later, the benchmark indices turned red with the Sensex slipping 200 pts to 59,545 and Nifty falling 53 pts to 17,500.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “The market which has been trading within the range of 17750 -18150 has taken a turn for the worse by breaking the lower band decisively. Yesterday’s sharp cut of 927 points on the Sensex was caused by a combination of factors: weak US cues, the continuing rout in Adani stocks and concerns of the Adani crisis impacting the banking system. The US/global factor stems from concerns that the Fed will have to raise interest rates perhaps by 25bp thrice to weaken the economy and contain inflation. FOMC minutes reveal the fact that some have even argued for a 50 bp rate hike. This is the biggest near-term negative for equity markets globally. The situation can change if the disinflation trend in the US accelerates.”
Banking, and consumer durables were the top sectoral losers with their BSE indices falling 222 points and 302 points, respectively. On the otehr hand, BSE metal index rose 82 points to 20,143.
BSE mid cap and small cap indices fell 223 points and 125 points, respectively. Market breadth was negative with 1099 stocks trading higher against 1555 stocks falling on BSE. 131 shares were unchanged.
Foreign institutional investors were net seller on Wednesday as they sold shares worth Rs 579.82 crore, as per exchange data.
Previous session
Benchmark indices fell sharply on Wednesday, extending their losing run for the fourth straight session amid weak global cues. The 30-share BSE Sensex pack dived 928 points or 1.53 per cent to settle at 59,745; while the broader NSE Nifty index moved 272 points or 1.53 per cent down to close at 17,554. Mid and smallcap shares finished on a weak note, with the Nifty Midcap 100 down 1.13 per cent and Nifty Smallcap 100 moving 1.14 per cent lower. India VIX jumped 11.27 per cent to 15.59.
Global markets
In Asia, Hang Seng in Hong Kong rose 110 pts to 20534 and the Kospi in Seoul was up 25 pts to 2442. In the US, the Dow Jones Industrial Average fell 84 points to 33045 on Wednesday. The Nasdaq composite gained 14 points to 11,507 and S&P 500 slipped 6.29 pts to 3,991.
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