Live Stock Market Updates – Sensex, Nifty flat; Metal, Consumer Durables stocks lead
The Indian equity market opened lower dragged by global concerns. The Nifty breached the crucial 8500 level for the first time since July 11 weighed down by losses in IT, oil & gas, banks, auto, and capital goods stocks.
At 9:37 AM, the S&P BSE Sensex is trading at 27,567 up 40 points, while NSE Nifty is trading at 8,528 up 14 points.
The BSE Mid-cap Index is trading down 1.40% at 13,254 whereas BSE Small-cap Index is trading down 1.44% at 13,362.
ICICI Bank, Tata Steel, Cipla, Hero MotoCorp, Dr Reddy’s and RIL are among the gainers, whereas ONGC, Bharti Airtel, M&M, Wipro and Sun Pharmaceuticals are losing sheen on BSE.
Some buying activity is seen in metal, consumer durables, banking, realty, pharma, finance and basic materials sectors, while IT sector is showing weakness on BSE.
The INDIA VIX is down 0.62% at 16.6925. Out of 1,865 stocks traded on the NSE, 360 declined, 1,125 advanced and 380 remained unchanged today.
A total of 19 stocks registered a fresh 52-week high in trade today, while nine stocks touched a new 52-week low on the NSE.
Asian markets opened flat to mildly positive after a huge drubbing in the last session. Globally the Fed maintained status quo on rates which saw yields fall along with the US $. Oil weakness saw energy stocks lead the declines even as financials rallied in the last hour.
Next few days could see the uncertainty prevail with opinion divided on the outcome of the elections. However given the market behavior over the last 1 month most participants feel the probability of a Trump victory could well have been priced in with markets having only a knee jerk reaction on the day of the results.
India has the potential to move much ahead said PM Narendra Modi at a journalism awards event presented by IIFL Wealth & Asset Management. While the government says it will continue to undertake needed measures to strengthen economy, boost GDP growth and create jobs, rating agencies are not impressed as yet.
S&P retained India’s rating at ‘BBB-‘ with a stable outlook. Citing low per capita income and weak public finances, it ruled out an upgrade even for next year.
On the economy front, Nikkei Services and Composite PMI will announced today.