Indian Equity Indices Open Higher Amid Mixed Sectoral Performance
Mumbai: The Indian equity indices began the trading day on a positive note on Wednesday, with early gains seen in large-cap stocks, despite some pressure on smallcap and midcap stocks.
As of 9:47 a.m., the Sensex had risen by 154 points, or 0.20 percent, to reach 79,110, while the Nifty was up 23 points, or 0.10 percent, standing at 24,162.
However, the midcap and smallcap segments experienced a decline, with the Nifty Midcap 100 index falling 167 points, or 0.29 percent, to 56,714, and the Nifty Smallcap 100 index dropping 72 points, or 0.40 percent, to 18,131.
Sectoral performance was varied, with notable gains in the Auto, IT, PSU Bank, Financial Services, and Energy sectors. Conversely, the Pharma, FMCG, and Realty sectors lagged behind.
In the Sensex pack, major gainers included HCL Tech, Tech Mahindra, Mahindra & Mahindra, State Bank of India, Infosys, Bharti Airtel, Tata Motors, and TCS. On the other hand, UltraTech Cement, ICICI Bank, Axis Bank, Nestle India, Hindustan Unilever, Bajaj Finserv, and Asian Paints were among the top losers in morning trade.
Asian markets displayed mixed trading patterns. Tokyo, Shanghai, and Hong Kong recorded declines, while Bangkok, Seoul, and Jakarta saw positive movements.
In the US, a decline in Producer Price Index (PPI) figures signaled a potential decrease in inflation, contributing to a 1 percent rise in US stock markets on Tuesday. Analysts anticipate that today’s Consumer Price Index (CPI) numbers may confirm this inflationary trend.
Experts suggest that the US market’s recent uptick was driven by expectations of a rate cut by the Federal Reserve in September. A potential 50 basis point rate cut could bolster market resilience and offer support to global markets.
Foreign Institutional Investors (FIIs) continued their selling trend, offloading equities worth Rs 2,107 crore on August 13. In contrast, Domestic Institutional Investors (DIIs) made purchases totaling Rs 1,239 crore on the same day.
