Domestic markets started Wednesday’s trade on a positive note, following strong cues from global markets
Sensex Today: Domestic markets started Wednesday’s trade on a positive note, following strong cues from global markets. Benchmark indices the S&P BSE Sensex gained over 250 points to trade around 65,372 levels, whereas Nifty50 rose over 50 points to trade above 19,400 levels.
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Broader markets, too, exhibited strength as Nifty Midcap 100 and Nifty Smallcap 100 indices gained up to 0.8 per cent. Volatility gauge, India VIX, slipped 3 per cent.
Barring Nifty Oil & Gas index, all other sectors traded in green. Nifty Realty index gained the most, over 1 per cent.
Among individual stocks, smallcap firm Ami Organics rose 5% as Morgan Stanley Asia Singapore Pte non-ODI bought 6,21,898 shares in the pharma firm through open market transactions on Tuesday.
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Shares of smallcap firm MPS also opened 6% higher as the company’s unit MPS Interactive Systems acquired 65% stake in entities of Liberate Group for a consideration of 9.32 million Australian dollars.
“In the near-term market may remain steady on favourable global cues. The US consumer index indicates that the US economy is slowing down. If the payrolls data expected this Friday confirms this trend, the Fed will not resort to another rate hike soon,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
“Capital goods is a strong segment in the market now. A matter of concern is the poor quality of stocks participating in the mid-and small-cap rally,” Vijayakumar said.
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Wall Street closed higher overnight after data showed dampening consumer confidence and fall in job openings, easing rate concerns as they signalled that the US Federal Reserve’s policy tightening has resulted in cooling the economy.
Further data scheduled to be released later this week including August non-farm payrolls, and July personal consumption expenditure (PCE) could influence the Fed’s rate decision. Asian markets rose.
