Share Market Today: Sensex And Nifty Erase Gains, Trade Flat. Adani Ports Down 3.5%
Share Market Today: On the 30-share Sensex platform, ICICI Bank, ITC, Kotak Bank, Airtel, Infosys, Nestle emerged gainers
Share Market Today: The two key equity benchmark indices, Sensex and Nifty, on Monday erased their gains and are trading flat. At 10.45 am, the BSE Sensex slipped 155 points to 81,532. On the other hand, the NSE Nifty50 declined 70 points to 24,944.
Stock Update
On the 30-share Sensex platform, ICICI Bank, ITC, Kotak Bank, Airtel, Infosys, Nestle emerged gainers. On the down side, Adani Ports, Titan, NTPC, Tata Steel, JSW Steel, PowerGrid are among the losers.
In the broader market, the Nifty Midcap 100 advanced 0.42 per cent, while the Nifty Smallcap 100 jumped 0.53 per cent.
Sectoral update
Across sectors, the IT index was up 0.98 per cent, while financial indices Bank and Financial Services were also in the green. All the other sectoral indices were also trading higher.
In the previous session on Friday, the Sensex dropped 808 points to 81,688, while the NSE Nifty50 shed 236 points to end at 25,015.
"Globally stock markets have been resilient despite the escalating tensions in the Middle East. A big positive for equity markets is the strong US economy where the September non-farm job numbers have come surprisingly robust," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said. The combination of a strong economy and declining inflation in the mother market of the US is a big positive, he added.
Global update
Asian stocks surged, and the dollar hit a new seven-week high against the yen on Monday, following strong U.S. labor data that eased recession concerns and led to a significant reduction in expectations for rate cuts. In Asian markets, Tokyo, Shanghai, Hong Kong and Seoul traded higher on Monday. The US markets were ended on positive territory on Friday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 9,896.95 crore on Friday, while Domestic Institutional Investors (DIIs) bought equities worth Rs 8,905.08 crore, according to exchange data.
Global oil benchmark Brent crude declined 0.44 per cent to $77.71 per barrel.
Rupee rises 2 paise
The rupee rose 2 paise to 83.97 against the US dollar in early trade on Monday, aided by a weaker greenback in the international market and a drop in crude oil prices. The increase in the country's forex reserves to a new all-time high of $704.88 billion on Friday further pushed the domestic currency, according to forex traders.
However, growing escalation in conflict in the Middle East and FIIs outflow on Friday capped sharp gains in the domestic unit, they said. At the interbank foreign exchange, the rupee opened at 83.96 against the US dollar, 3 paise higher from its previous close of 83.99. It then declined 1 paisa to 83.97, higher by 2 paise from Friday's close.
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