Home Business Sensex Opens Flat, Nifty50 Above 17,950; Metal, Pharma Stocks Gain

Sensex Opens Flat, Nifty50 Above 17,950; Metal, Pharma Stocks Gain

Sensex Opens Flat, Nifty50 Above 17,950; Metal, Pharma Stocks Gain


Stock Markets Today: Markets on Friday Morning started on a volatile note amid weak global cues and elevated crude oil prices. Frontline indices Nifty50 rose 18 points to trade above 17,950 levels whereas, the S&P BSE Sensex was flat at 60,319 levels.

Broader markets, meanwhile, outperformed benchmark indices as Nifty Midcap 100 and Nifty Smallcap 100 surged up to 0.4 per cent.

Top Gainers & Losers

Ultratech Cement, Wipro, Infosys, Tech Mahindra, Eicher Motors, ONGC were top contributors to the benchmark indices. Meanwhile, IndusInd Bank, Coal India, Reliance Industries, NTPC weighed on the indices.

Sector-wise, Nifty Media, Nifty Pharma, Nifty Metal bucked the trend. Nifty Realty, Nifty Bank, Nifty FMCG, however, were the losers among the pack.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “The market momentum which pushed the Nifty up by 18 per cent from the June lows is likely to face some headwinds from now on. The sudden sharp spike in the dollar index to 107.6 will impact capital flows to emerging markets like India. The consistent FII buying seen in August is likely to lose steam impacting sentiments. The elevated valuations do not justify further run-up in markets. Some profit booking and diversion of money to fixed income may be considered as a short-term strategy. Buy on dips can be considered in high-quality financials, leading names in capital goods and autos.”

Global Cues

Globally, the US markets saw marginal gains on Thursday as Dow Jones rose 0.06 per cent, whereas both S&P 500 and NASDAQ Composite gained 0.2 per cent each.
US stocks ended higher Thursday as an upbeat sales forecast from Cisco Systems helped to lift the technology sector, while data showed the economy remained relatively strong. Investors were still assessing Wednesday’s minutes from the Federal Reserve’s July meeting, which they initially saw as supporting a less aggressive stance by the central bank.

Major markets in Asia-Pacific, however, edged lower in Friday’s morning trade. South Korea’s Kospi declined 0.3 per cent, Japan’s Nikkei 225 dropped nearly 1 per cent, and Australia’s S&P 200 fell 0.2 per cent.

Tokyo stocks opened higher Friday as investors searched for new cues ahead of next week’s annual meeting of central bankers in Jackson Hole, Wyoming. The benchmark Nikkei 225 index rose 0.58 per cent, or 167.65 points, to 29,109.79 in early trade, while the broader Topix index advanced 0.49 per cent, or 9.78 points, to 2,000.28.

Meanwhile, prices of crude oil edged up on hopes of stronger demand. Brent crude climbed 0.1 per cent to $96 per barrel and WTI Crude gained 0.2 per cent to $90 per barrel.

Read the Latest News and Breaking News here


Source link