Sensex Today: Indian equity markets started Tuesday’s trade on a dismal note amid weak foreign flows and rising crude prices.
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Sensex Today: Indian equity markets started Tuesday’s trade on a dismal note amid weak foreign flows and rising crude prices. At 09:16 IST, the Sensex was up 140.15 points or 0.23 per cent at 59971.81, and the Nifty ws up 32.40 points or 0.18 per cent at 17763.20.
Broader markets, too, edged lower as Nifty MidCap 100 and Nifty SmallCap 100 lowered over 0.3 per cent.
All sectors started trade on a volatile note. Nifty IT, Nifty Metal, and Nifty Auto indices, however, led the charge as they surged up to 0.4 per cent.
Among individual stocks, shares of Reliance Industries gained over 0.4 per cent after the conglomerate posted flat net profit at Rs 13,656 crore in Q2FY23.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “The initial months of Samvat 2079 are likely to be highly volatile with alternative bouts of selling and buying in the mother market US, which will have repercussions on other markets including India’s. In this highly uncertain environment, clarity is emerging on some important trends: one, the US economy is slowing down and the most likely scenario is a short and mild recession, which the market has largely discounted. India’s growth too will be impacted by a global slowdown but India will be the least impacted large economy. This environment coupled with the resources of DIIs and retail investors can hold the market in good stead and can take it to new record highs, but high valuations are a concern.”
“Investors can approach Samvat 2079 with cautious optimism and remain invested in high-quality stocks and buy on declines in performing sectors like banking, capital goods, telecom, and autos. Selective pharma and FMCG stocks would be good hedges in this uncertain environment,” he added.
Rupee Opens
The Indian rupee opened flat at 82.69 per dollar on against Friday’s close of 82.68.
Global Cues
Asian equities fell to new 2-1/2-year lows on Tuesday as early gains inspired by a rally on Wall Street on hopes the Federal Reserve could be nearing the end of aggressive rate increases were offset by weakness in Chinese shares and the yuan.
Tokyo stocks opened higher on Tuesday, extending US rallies, with investors gradually shifting focus to the start of Japan’s corporate earnings season. The benchmark Nikkei 225 index was up 0.45 per cent, or 121.19 points, at 27,096.19 in early trade, while the broader Topix index was up 0.49 per cent, or 9.25 points, at 1,896.44.
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US stocks advanced on Monday, extending last week’s gains as signs of economic softness suggested the effects of the Fed’s aggressive policy aimed at cooling the economy, thereby curbing decades-high inflation, are beginning to take root.
