Mumbai – Indian equity benchmarks started Wednesday’s session on a flat note, tracking weak global cues following mixed US inflation data. Investors exercised caution, scaling back expectations of imminent interest rate cuts by the US Federal Reserve, which led to a muted start on Dalal Street.
The 30-share BSE Sensex opened marginally higher at 82,534.66, up by 36.25 points, while the Nifty 50 began the day at 25,196.60, adding a mere 0.60 points from its previous close. The subdued opening comes after the indices ended the previous session marginally up, with Sensex closing at 82,570.91 and Nifty at 25,195.80.
Broader market indices also mirrored the benchmark indices, trading largely flat. The BSE Midcap index rose by 19.75 points (0.04%) and the Smallcap index gained 84.06 points (0.15%) to trade at 55,402.52 in early trade.
Mixed Performance Across Sectors and Stocks
From the Sensex pack, HDFC Bank led the gainers with a rise of 1.19%, followed by Tech Mahindra, Trent, Infosys, and Bharti Airtel. Meanwhile, UltraTech Cement was the biggest laggard, shedding 0.83%, followed by Tata Motors, Reliance Industries, Bajaj Finance, and TCS.
Shares of Ashok Leyland remained in focus after turning ex-bonus in today’s session, drawing trader attention despite the overall market stagnation.
On the broader Nifty front, 712 stocks were seen trading in the green, 357 in the red, and 108 stocks remained unchanged — a clear sign of sectoral rotation and investor indecisiveness.
Sector Watch: Realty and IT Outperform, Auto and Metal Lag
Sectorally, the market witnessed a mixed trend. The Nifty Realty index emerged as a top gainer, rising 0.41%, followed by the Nifty IT index, which inched up 0.16%, supported by optimism in large-cap tech names like Infosys and Tech Mahindra.
In contrast, the Nifty Auto and Nifty Metal indices both declined by 0.54%, reflecting investor caution amid global uncertainty and profit booking in recent outperformers.
Gift Nifty and Global Cues Weigh on Sentiment
The Gift Nifty, often considered a pre-market indicator for the Nifty 50, signaled a negative start as it opened 110 points lower at 25,155.50, compared to its previous close of 25,265.50, suggesting bearish sentiment among global investors ahead of the Indian market open.
In the Asian markets, performance was mixed. While Japan’s Nikkei 225 gained 170.46 points (0.43%) and Hong Kong’s Hang Seng added 0.28%, South Korea’s Kospi and China’s SSE Composite traded in the red, reflecting broader nervousness following the US inflation print.
Institutional Activity Remains Positive
On the institutional front, Foreign Institutional Investors (FIIs) broke a two-day selling streak and turned net buyers, purchasing equities worth Rs 120 crore. Meanwhile, Domestic Institutional Investors (DIIs) extended their buying spree for the seventh straight session, investing Rs 1,555 crore, providing a cushion to the markets amid global volatility.
As investors await further clarity on global macroeconomic trends, especially from the US Federal Reserve, Indian markets may continue to see range-bound and sector-specific moves in the near term.
