Business

Indian Equity Markets Open Flat Amidst Global Mixed Signals

Indian equity indices experienced a muted start on Tuesday, reflecting a mixed sentiment from Asian markets.

By 9:42 AM, the Sensex edged up by 21 points, or 0.03%, to reach 83,010, while the Nifty saw a modest increase of 15 points, or 0.06%, settling at 25,397. The Nifty Bank index also recorded a slight gain of 89 points, or 0.17%, at 52,242.

However, the midcap and smallcap segments showed signs of marginal decline. The Nifty Midcap 100 index fell by 51 points, or 0.08%, to 60,208, and the Nifty Smallcap 100 index decreased by 58 points, or 0.30%, to 19,478.

Sectoral performance was varied. Auto, PSU Bank, metal, realty, and energy sectors led the gains, whereas IT, FMCG, and financial services sectors lagged behind.

Among the Sensex stocks, HUL, NTPC, Nestle, Asian Paints, Bharti Airtel, Bajaj Finance, Kotak Mahindra Bank, L&T, Titan, ICICI Bank, and IndusInd Bank emerged as the top gainers. Conversely, Tata Motors, TCS, Maruti Suzuki, Bajaj Finserv, Tata Steel, Wipro, UltraTech Cement, and Infosys were among the top decliners.

Asian markets displayed mixed trading patterns: Tokyo, Bangkok, and Shanghai ended in the red, while Jakarta and Hong Kong recorded gains. The US markets also closed with mixed results on Monday.

Mixed Markets Await Fed Rate Decision

Market experts attributed the flat trading to a global wait-and-watch stance ahead of the Federal Reserve’s rate decision.

Analysts noted, “Globally equity markets were flat yesterday signalling a wait-and-watch mood in anticipation of the Fed rate action tomorrow. The Fed rate action will depend on the incoming data and evolving outlook and, therefore, what the Fed chief Powell says will be crucial. Rate cuts are positive for markets and higher rate cuts are more positive.”

They also highlighted recent strength in banking stocks, pointing to ongoing accumulation in these segments, which are currently considered attractively valued.

Foreign Institutional Investors (FIIs) sold equities worth Rs 1,634 crore on September 16, while Domestic Institutional Investors (DIIs) purchased equities worth Rs 734 crore on the same day.

Also Read: Adani Group Refutes Fake Press Releases; Warns Of Legal Action

Mankrit Kaur

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