The Indian equity benchmark indices, Sensex and Nifty opened flat Thursday amid mixed global cues. The Benchmark BSE Sensex opened at 55,988, down 44,2 points or 0.08 percent while the Nifty50 index opened at 16,627.95, down 6.70 points, or 0.04 percent. Broader markets, midcap and smallcap indices opened higher. Among sectors, Nifty IT, Nifty FMCG and Nifty Realty opened higher, while selling is seen in pharma, banks and auto indices. Asian Paints, HDFC Life, Tata Consumer PDTS, Adani Ports, HCL Tech were the top gainers on Nifty in early trade. Airtel, SBI shares down 1.5 per cent in early trade while Adani Transmission scrip rose 5 per cent.
“Despite the rich valuations and the uncertainty surrounding Covid, markets continue to be resilient in the developed world, especially the mother market US. The S&P 500 and Nasdaq set another record yesterday. Among emerging markets, India is the clear outperformer with Nifty returning 18.97per cent YTD. This is in sharp contrast to the poor returns YTD in other emerging markets like Indonesia and Brazil and negative returns in markets like Malaysia and the Philippines. An important factor that distinguishes India is the enthusiastic participation of retail investors who have been buying all stocks being sold by the FIIs who have been selling consistently during the last several days. Stability in the US market indicates that the market doesn’t expect any market-moving announcements from the Fed at the Jackson Hole symposium. Therefore, if the Fed chief makes any mildly hawkish statement regarding the normalization of monetary policy or tapering on August 27th, markets may respond negatively to that,”Dr. V K Vijayakumar, chief investment strategist at Geojit Financial Services said.
Mohit Nigam, head – PMS, Hem Securities, “Indian equity markets appear to have a subdued session today as SGX Nifty indicates a flat opening. Asian stocks showed mixed performance this morning as traders await more clarity on the regulatory outlook in China as well as the Fed’s approach to paring stimulus. South Korean market pared gains as Bank of Korea makes the first ever post pandemic move to hike interest rate of 7-day repurchase rate from 0.5% to 0.75%. Jerome Powell’s speech on Friday at Jackson Hole will provide a clearer guide on when and how the Fed will scale back its emergency support, keeping markets standby. Crude is settling around 67.8 levels while Gold futures falls a little below 1800 dollars. On the technical front, 16,300 and 16,750 are immediate support and resistance in Nifty 50.”
The benchmark index S&P 500 BSE Sensex opened in the green on Wednesday and soared to an all-time high at 56,102 while NSE Nifty50 also opened in the positive territory to jump to 16,676 mark. The SGX Nifty signals a negative start for the Indian equities. At 0707 IST, Nifty future was trading at 16,650, down 30 points or 0.18 per cent. Asian bourses like Japan fluctuated, while Australian bourses slipped, apart from Asian equities, US equity also slipped after key indices S&P500 and Nasdaq jumped to record overnight.
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