Share Market Today: Sensex, Nifty Trade Higher Amid Volatility. IT Index Rises
Share Market Today: On the 30-share Sensex platform, Bajaj Finserv, Bajaj Finance, TechM, HDFC Bank, TCS, HCLTech emerged early gainers
Share Market Today: The two key equity benchmarks, Sensex and Nifty, are trading flat amid volatility on Wednesday. At 10.25 am, the BSE Sensex gained marginally by 42 points to 80,263. On the other hand, the NSE Nifty50 was trading at 24,482, up 10 points.
Stock update
On the 30-share Sensex platform, Bajaj Finserv, Bajaj Finance, TechM, HDFC Bank, TCS, HCLTech emerged early gainers. On the down side, NTPC, PowerGrid, M&M, ICICI Bank, UltraCemco, L&T were among the losers.
In the broader markets, the BSE Midcap and Smallcap indices are trading flat.
Sectoral update
On the sectoral front, IT index advanced 1 per cent, while power and realty fell 1 per cent each.
In the previous session on Tuesday, the BSE Sensex plunged 930 points to 80,220, while the NSE Nifty 50 settled at 24,472, down 309 points.
"The ongoing trend of largecaps outperforming mid and smallcaps is likely to sustain, going forward. FII selling and the countervailing trend of DII buying is likely to continue. This will impart strength to largecap financials, particularly banking stocks like HDFC, ICICI, Axis and Kotak which are fairly valued in this market with elevated valuations," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Domestic Institutional Investors (DIIs) bought equities worth Rs 5,869.06 crore on Tuesday, according to exchange data. Foreign Institutional Investors (FIIs), however, offloaded shares worth Rs 3,978.61 crore.
Global update
In Asian markets, Seoul, Shanghai and Hong Kong traded higher while Tokyo quoted lower. The US markets ended flat on Tuesday.
Global oil benchmark Brent crude declined 0.21 per cent to $75.88 a barrel.
Rupee trades flat
The rupee stayed almost flat, trading 1 paisa higher at 84.07 against the US dollar in early trade on Wednesday, dragged down by strengthening American currency and relentless outflow of foreign funds. Forex traders said a downward trend in domestic equity markets and elevated level of crude oil prices prevented a recovery in the Indian currency.
At the interbank foreign exchange, the rupee opened 1 paisa higher at 84.07 against the greenback and traded on a flat note in early deals. On Tuesday, the rupee settled 1 paisa lower at 84.08 against the US dollar. The local currency has been struggling to recover since October 11, when it closed at its lowest level of 84.10 against the dollar.
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