Business

Indian Equity Indices Open Flat Amid Mixed Global Cues

Indian equity indices opened with minimal movement on Tuesday, reflecting mixed signals from global markets.

As of 9:40 a.m., the Sensex was down by 67 points, or 0.08%, trading at 81,631. Meanwhile, the Nifty declined by 35 points, or 0.14%, to 24,975.

While large-cap stocks showed limited activity, there was noticeable buying interest in midcap and smallcap stocks. The Nifty Midcap 100 index rose to 59,117, gaining 185 points or 0.32%, and the Nifty Smallcap 100 index increased to 19,183, up by 51 points or 0.27%.

Sectoral performance varied, with IT, PSU Banks, pharma, FMCG, media, and public sector enterprises (PSE) showing notable gains. Conversely, sectors such as financial services, automotive, metals, and real estate lagged behind.

Also Read: Indian Equity Indices End Higher On Rate Cut Hopes Following US Fed Chair’s Remarks

The overall market trend remains positive, with 1,299 shares advancing and 654 shares declining on the National Stock Exchange (NSE).

In the Sensex basket, HCL Technologies, L&T, Power Grid, Infosys, Nestle, UltraTech Cement, Sun Pharma, ITC, Titan, Bajaj Finserv, and Wipro emerged as top gainers. On the other hand, Kotak Mahindra Bank, Mahindra & Mahindra, HDFC Bank, and IndusInd Bank were among the major losers.

Asian markets, excluding Tokyo, mostly declined, with Shanghai, Hong Kong, Bangkok, Seoul, and Jakarta among the significant losers. US markets closed on a mixed note on Monday.

Market experts point to a combination of factors influencing current market dynamics. “The market faces headwinds from rising geopolitical tensions in the Middle East and Ukraine, alongside a surge in Brent crude prices above $81. However, anticipated rate cuts by the Federal Reserve, expected to impact other central banks including the RBI, provide a strong tailwind,” they noted.

They also highlighted that the Indian economy may benefit from monetary stimulus in the form of rate cuts in the upcoming policy meeting.

Foreign institutional investors (FIIs) continued their buying spree, purchasing equities worth Rs 483 crore on August 26, while domestic institutional investors bought equities valued at Rs 1,870 crore on the same day.

Richa Kaushik

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