Share Market Today: Sensex Rises 100 Points; Nifty Above 24160 Amid Volatility

Share market today: On the 30-share Sensex platform, TCS, TechM, M&M, SBI, HCLTech, ITC emerged early gainers. UltraCemco, Adani Ports, Bajaj Finserv, ICICI Bank, HUL, Nestle were among the losers

Share Market Today: The two key equity benchmark indices, Sensex and Nifty, began trade in the green amid volatility after two days of decline. At 10.35 am, the BSE Sensex gained 100 points to 79,056. On the other hand, the NSE Nifty50 jumped 22 points to 24,161.

Stock update

On the 30-share Sensex platform, TCS, TechM, M&M, SBI, HCLTech, ITC emerged early gainers. On the down side, UltraCemco, Adani Ports, Bajaj Finserv, ICICI Bank, HUL, Nestle were among the losers.

In the broader market, the BSE Midcap index slipped over 1 per cent, while the Smallcap dropped 0.7 per cent.

In the previous session on Tuesday, the BSE Sensex plunged 693 points to 78,956, while the NSE Nifty50 closed at 24,139, sliding 208 points.

The Indian stock market will be closed for trading tomorrow, August 15, on account of the Independence Day.

"The PPI (Producer Price Inflation) numbers from the US indicate softening of inflation, and a confirmation of this declining trend is likely from the CPI numbers coming today. The US market moved up yesterday in anticipation of this and a rate cut by the Fed in September," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Global update

In Asian markets, Seoul and Tokyo were trading higher while Shanghai and Hong Kong quoted lower. The US markets ended significantly higher on Tuesday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,107.17 crore on Tuesday, according to exchange data, while Domestic Institutional Investors (DIIs) bought equities worth Rs 1,239.96 crore.

Global oil benchmark Brent crude climbed 0.61 per cent to $81.18 a barrel.

Rupee gains 7 paise

The Indian rupee appreciated 7 paise to 83.90 against the US dollar in early trade on Wednesday, as the American currency retreated from its elevated levels.

Forex traders said the US dollar has weakened against majors post the US Producer Price Index (PPI) print, which came in softer than anticipated, leaving the Dollar Index vulnerable to further correction.

At the interbank foreign exchange, the rupee opened at 83.90 against the greenback, registering a gain of 7 paise over its previous close. On Tuesday, the rupee settled for the day on a flat note at 83.97 against the US dollar.