Sensex Opens Higher, Nifty Below 25,300; HAL Gains 3%, Airtel Sheds 2%
Indian benchmark indices BSE Sensex and Nifty 50 opened marginally higher on Tuesday, driven by mixed signals from Asian markets.
At opening bell, the BSE Sensex was at 82,652.69, up by 0.11 per cent, while the Nifty 50 was up by 0.14 per cent at 25,313.
Market View | Going forward, it is advisable to take a pragmatic approach and refrain from getting carried away by the Nifty’s winning streak. Maintaining exclusivity while stock selection and staying light on positions is recommended. Furthermore, closely monitoring the global markets, which have significantly impacted our market’s initial tone, is essential, said Osho Krishan, Senior Analyst – Technical & Derivatives, Angel One.
Global Cues
Share markets around the world fell slightly on Monday as investors braced for a data-packed week culminating in a US jobs report that could decide whether a rate cut expected this month will be regular or super-sized.
Survey data released on Saturday showed Chinese manufacturing activity sank to a six-month low in August, and data on Monday showed euro zone factories are also still struggling.
Wins for the populist parties in German state elections added a fresh layer of political uncertainty in European markets, while a holiday in the United States and Canada made for thin liquidity.
Europe’s STOXX 600 index fell 0.21 per cent, after hitting a record high on Friday. Germany’s DAX and Britain’s FTSE 100 were down 0.1 per cent and 0.2 per cent, respectively.
Chinese stocks lost 1.7 per cent, led by losses in real estate after a survey showed home prices growth had slowed.
Futures for the US S&P 500 index were down 0.1 per cent, while those for the tech-laden Nasdaq 100 were flat.
That apart, Asia-Pacific markets were mostly higher on Tuesday as investors digested South Korea’s inflation numbers for August that were at its lowest on a year-on-year (YoY) basis since March 2021.
The country’s consumer price index recorded a 2 per cent rise YoY, coming down from July’s 2.6 per cent, and in line with expectations from a Reuters poll of economists.
South Korea’s Kospi was trading 0.17 per cent higher, and the small cap Kosdaq was marginally ahead by 0.02 per cent.
Meanwhile, elsewhere, Japan’s Nikkei 225 was trading 0.18 per cent higher in early trades, and the broader Topix was up 0.38 per cent.
However, Australia’s S&P/ASX 200 was down 0.39 per cent, and futures for mainland China’s CSI 300 was mostly flat at 3,267.5, compared to its previous close of 3,265.