Mumbai: Indian equity indices traded flat on Tuesday, following mixed market sentiments.
At 9:51 a.m., the Sensex was down 76 points, or 0.09 percent, at 82,483, and the Nifty was down 17 points, or 0.07 percent, at 25,261.
The broader market trend remains positive, with 2039 shares trading in the green on the Bombay Stock Exchange (BSE), 829 shares in the red, and 128 shares showing no change.
Midcap and smallcap stocks have outperformed large caps, with the Nifty Midcap 100 index at 59,382, up 229 points or 0.39 percent, and the Nifty Smallcap 100 index at 19,359, up 116 points or 0.60 percent.
Among the sectoral indices, real estate, FMCG, metal, PSU bank, media, energy, and auto are major gainers, while financial services, IT, and the service sector are major losers.
Sun Pharma, ITC, M&M, Power Grid, HDFC Bank, Tata Steel, Nestle, Wipro, NTPC, Axis Bank and Tata Motors are the top gainers in the Sensex pack. Bajaj Finance, Bajaj Finserv, Infosys, Maruti Suzuki, ICICI Bank, Tech Mahindra, Maruti Suzuki, Titan and TCS are the top losers.
According to market analysts, “There are two distinct trends in the market now, which can be observed in the secondary and primary markets. In the secondary market, recently, there has been a positive trend with high-quality stocks being accumulated and moving up. Bajaj Finance, ITC, Bajaj Auto, and Maruti are examples of this healthy trend. At the same time, there is froth in segments of mid- and small caps where valuations are hard to justify.”
“The other trend is the irrational moves in the SME IPO market where many SMEs of doubtful credentials are getting their IPOs oversubscribed many times, and the stocks on the listing are manipulated and driven to upper circuits for days,” they added.
Most Asian markets are trading in the red. Tokyo, Shanghai, Hong Kong, Seoul, and Jakarta’s markets are bullish. At the same time, the Bangkok market is in the green. US markets were closed on Monday due to Labor Day.
Foreign institutional investors (FIIs) extended their buying, buying equities worth Rs 1,735.46 crore on Monday, while domestic institutional investors bought equities worth Rs 356 crore on the same day.
For more updates Subscribe to Media Eye News
–IANS
