Mumbai: The Indian equity indices opened low on Tuesday, following mixed signals from the global market.
At 9:40 a.m., the Sensex was down 67 points, or 0.08 percent, at 81,631, and the Nifty was down 35 points, or 0.14 percent, at 24,975.
Buying is seen in mid-cap and small-cap stocks compared to large-cap stocks. The Nifty midcap 100 index is at 59,117, up 185 points or 0.32 percent, and the Nifty small-cap 100 index is at 19,183, up 51 points or 0.27 percent.
IT, PSU Bank, pharma, FMCG, media and PSE are major gainers among the sectoral indices. Fin Service, auto, metal and realty are major laggards.
The market trend remains positive. On the National Stock Exchange (NSE), 1,299 shares are in green and 654 in red.
In the Sensex pack, HCL Tech, L&T, Power Grid, Infosys, Nestle, UltraTech Cement, Sun Pharma, ITC, Titan, Bajaj Finserv and Wipro are the top gainers. Kotak Mahindra Bank, M&M, HDFC Bank and IndusInd Bank are the top losers.
Almost all Asian markets (excluding Tokyo) are in decline. Shanghai, Hong Kong, Bangkok, Seoul and Jakarta are major losers. The US markets closed mixed on Monday.
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Say market experts, “There are both headwinds and tailwinds for the market now. Headwinds are coming from the escalation of the geopolitical tensions in the Middle East and Ukraine. Brent crude has shot up above 81 dollars. The strongest tailwind comes from the expected rate cuts by the Fed, which will spill over to other central banks, including the RBI.
“The Indian economy now needs monetary stimulus through rate cuts and this is likely in the next policy meeting,” they added.
Foreign institutional investors (FIIs) extended their buying, buying equities worth Rs 483 crore on August 26, while domestic institutional investors also bought equities worth Rs 1,870 crore on the same day.
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–IANS
