Sensex down over 150 points, Nifty above 19,550; Amber Enterprises hits 52-week high

The domestic equity market opened in the red on Thursday (September 7) amid weak global cues. In the early trade, the S&P BSE Sensex was trading 156 points, or 0.24 per cent lower at 65,724.51 points, while the NSE’s Nifty was trading 46 points, or 0.24 per cent lower at 19,564.60 levels.

HDFC Bank, Infosys, and Reliance Industries (RIL) were the biggest contributors to the Sensex’s decline.

In the broader market, the S&P BSE MidCap index was trading 0.35 per cent higher at 32,234.14 levels while the S&P BSE SmallCap index was up 0.32 per cent at 38,068.55.

“The near-term cues have turned negative once again with weakness in the mother market, the US. Talks of a longer-than-expected recession have again surfaced, and negative comments from influential voices like Jamie Dimon are impacting sentiments,” said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

In such a scenario, there are no positive triggers that can take the market much higher from here. Since India’s growth resilience looks impressive, the market is unlikely to dip sharply. Buying will emerge on declines. Leading PSB banks have the potential to move up further, and valuations are still attractive. Investors can buy high-quality stocks in capital goods and cement at current levels, the market expert added.

BUZZING STOCKS

Most electronic manufacturing service (EMS) companies were trading with gains on Thursday after CLSA initiated the coverage on the sector with a ‘buy’ rating. Amber Enterprises hit a 52-week high. Dixon Technologies was also trading higher.