Sensex Today: The Sensex and Nifty indices opened in the green after a four day losing streak on Tuesday amid mixed cues. At 09:16 IST, the Sensex was up 224.23 points or 0.39 per cent at 57,369.45, and the Nifty was up 65.70 points or 0.39 per cent at 17,082. About 1467 shares have advanced, 574 shares declined, and 80 shares are unchanged.
Power Grid Corporation, ONGC, Coal India, Cipla and NTPC were among major gainers on the Nifty, while losers were Hero MotoCorp, Bajaj Auto, Divis Labs, Eicher Motors and Tech Mahindra.
Similar strength reflected in broader markets too, as Nifty MidCap 100 and Nifty SmallCap 100 surged up to 0.6 per cent.
All sectors opened with marginal gains. Nifty PSU Bank, Nifty Media, Nifty Metal, Nifty Auto indices climbed up to 1 per cent in trade.
In stock-specific action, US-based private equity major Blackstone Group will sell up to 77 million units of Embassy Office Parks REIT, constituting 8.12 per cent of total units outstanding as of June 30, 2022, through block deals on Tuesday, according to the term sheet issued by the bankers BofA Securities India, Morgan Stanley India, and IIFL Securities.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “The dominant dynamic roiling equity and currency markets globally is the combination of relentless rise in dollar and the sustained rise in US bond yields. So long as this trend continues, equity markets will be under pressure. FPIs turning big sellers in India (Rs 5101 cr in cash market yesterday) is an indication of the risk-off in equity in emerging markets.”
“In the context of rising US bond yields, RBI will be forced to raise rates by around 50 bp on September 30th. This will be another negative for equity markets. In brief, except for falling crude there are no positive triggers for the equity market now. This is not the time to aggressively buy the dips. However, there is scope for selective buying in the broader market. There are stocks rising even in this weak market. These are signals of accumulation on strong fundamentals,” Vijayakumar added.
Rupee
The rupee rises 22 paise to 81.45 against the US dollar in early trade.
Global Cues
Asian markets attempted to stabilise on Tuesday after a wild few days of stumbling stocks, crumbling bonds, a plunging pound and soaring dollar, with the dollar easing a bit and stocks flat.
Tokyo stocks opened higher on Tuesday as investors bargain-hunted following sharp falls in the previous session on fears over an economic slowdown. The benchmark Nikkei 225 index was up 0.54 percent, or 143.40 points, at 26,574.95 in early trade, while the broader Topix index edged up 0.40 percent, or 7.47 points, to 1,871.75.
Wall Street slid deeper into a bear market on Monday, with the S&P 500 and Dow closing lower as investors fretted that the Federal Reserve’s aggressive campaign against inflation could throw the U.S. economy into a sharp downturn.
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