Indian equity markets opened on a positive note on Wednesday, despite experiencing some pressure in midcap and smallcap stocks.
At 9:47 AM, the Sensex gained 154 points, or 0.20%, reaching 79,110, while the Nifty rose by 23 points, or 0.10%, to 24,162.
However, midcap and smallcap indices faced declines.
The Nifty Midcap 100 index fell by 167 points, or 0.29%, to 56,714, and the Nifty Smallcap 100 index dropped 72 points, or 0.40%, to 18,131.
Sectoral performance showed gains in Auto, IT, PSU Banks, Financial Services, and Energy sectors, while Pharma, FMCG, and Realty sectors lagged behind.
Top performers in the Sensex included HCL Tech, Tech Mahindra, M&M, SBI, Infosys, Bharti Airtel, Tata Motors, and TCS. Conversely, UltraTech Cement, ICICI Bank, Axis Bank, Nestle India, HUL, Bajaj Finserv, and Asian Paints were among the morning’s top losers.
Asian markets showed mixed trends, with declines in Tokyo, Shanghai, and Hong Kong, while Bangkok, Seoul, and Jakarta posted gains.
In the US, the Producer Price Index (PPI) figures showed a decline, indicating decreasing inflation, which contributed to a 1% rise in the US stock market on Tuesday.
Analysts expect further confirmation of this trend from the Consumer Price Index (CPI) numbers due today.
There is anticipation of a potential rate cut by the Federal Reserve in September, which could bolster the US and global markets.
Foreign Institutional Investors (FIIs) continued their selling spree, offloading equities worth ₹2,107 crore on August 13, while Domestic Institutional Investors (DIIs) purchased equities worth ₹1,239 crore on the same day.
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