The Indian stock market saw a positive start on Wednesday after two days of declines, with the key equity benchmark indices Sensex and Nifty opening in the green amid ongoing market volatility. As of 10:35 AM, the BSE Sensex had risen by 100 points to reach 79,056, while the NSE Nifty50 had gained 22 points, standing at 24,161.
Stock Performance
On the 30-share BSE Sensex platform, several major stocks showed early strength. TCS, Tech Mahindra, M&M, SBI, HCLTech, and ITC were among the top gainers. Conversely, stocks like UltraTech Cement, Adani Ports, Bajaj Finserv, ICICI Bank, Hindustan Unilever (HUL), and Nestle were trading in the red.
The broader market displayed a more negative trend, with the BSE Midcap index slipping over 1 percent and the Smallcap index dropping by 0.7 percent, indicating some sectoral pressure despite the overall market rise.
In the previous trading session on Tuesday, the market faced significant losses, with the BSE Sensex plunging by 693 points to close at 78,956, and the NSE Nifty50 sliding by 208 points to end at 24,139.
Investors should note that the Indian stock market will be closed tomorrow, August 15, in observance of Independence Day.
Expert Insights
Commenting on the market situation, V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, remarked, “The PPI (Producer Price Inflation) numbers from the US indicate softening of inflation, and a confirmation of this declining trend is likely from the CPI numbers coming today. The US market moved up yesterday in anticipation of this and a rate cut by the Fed in September.”
Global Market Overview
In the broader global context, Asian markets showed mixed trends. While Seoul and Tokyo were trading higher, Shanghai and Hong Kong were quoting lower. The US markets closed significantly higher on Tuesday, providing some positive cues for global investors.
Regarding foreign investment flows, Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,107.17 crore on Tuesday, according to exchange data. Meanwhile, Domestic Institutional Investors (DIIs) were net buyers, purchasing equities worth Rs 1,239.96 crore.
On the commodities front, the global oil benchmark Brent crude saw an increase of 0.61 percent, climbing to $81.18 per barrel, reflecting the ongoing dynamics in the energy markets.
