The equity benchmark indices Sensex & Nifty opened on a choppy note Thursday. They were following a weak trend of Asian equities as well as sustained foreign fund outflow.
The 30-share index opened on a negative note and traded 46.78 points, or 0.08 percent higher, at 55,990.99. The NSE Nifty broader index rose 16.80 points, or 0.10 percent to 16,651.45.
Reliance Industries, which gained around 1%, was the top gainer within the Sensex pack. HCL Tech, Bajaj Finserv and Asian Paints followed closely by Bajaj Auto. Bajaj Finance, L&T.
Bharti Airtel and PowerGrid, Maruti Titan, Axis Bank, and Maruti were all among the laggards.
Sensex closed at 55.944.21 points, or 0.03 percent lower, while Nifty ended at 10.05 points, or 0.06 percent, higher at its new close record of 16.634.65.
According to provisional exchange data, foreign institutional investors (FIIs), were net sellers on the capital market when they sold shares worth Rs 1,071.83 Crore.
Binod Modi (Head Strategy, Reliance Securities) stated that domestic equities are expected to remain muted for the time being.
“The government’s efforts to increase credit growth through credit outreach programs are a positive sign for the domestic economy and corporate earnings.
“Additionally, the minutes of MPC meeting continue show RBI’s commitment in ensuring policy support to sustain economy recovery despite some members showing concern about high inflation and pitching to normalize ultra-loose money policy. These are signs of a strong economic recovery in 2HFY22E,” said he.
US equity shares extended gains, with S&P 500 & Nasdaq seeing new record highs ahead Fed Chairman Jerome Powell’s speech at Jackson Hole Symposium on Friday.
In Asia, bourses were trading in the red during mid-session deals in Shanghai, Hong Kong, and Seoul, while Tokyo was positive.
Brent crude oil, an international benchmark for oil, fell 0.53 percent to USD 70.90 a barrel.