Sensex, Nifty open on choppy note on weak global cues

A view of the Bombay Stock Exchange building in Mumbai. File   | Photo Credit: PTI

Equity benchmarks Sensex and Nifty opened on a choppy note on August 17, tracking weak cues from global markets.

After dropping over 100 points in the opening session, the 30-share index turned positive to trade 64.21 points or 0.12% higher at 55,646.79, while the broader NSE Nifty advanced 14.95 points or 0.09% to 16,578.

Tech Mahindra was the top gainer in the Sensex pack, rising over 3%, followed by Asian Paints, Sun Pharma and Nestle India.

On the other hand, IndusInd Bank, HDFC Bank, Maruti and ICICI Bank were among the laggards.

In the previous session, Sensex ended 145.29 points or 0.26% higher at a new peak of 55,582.58, and Nifty advanced 33.95 points or 0.21% to a fresh high of 16,563.05.

Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth ₹1,088.32 crore on Monday, as per provisional exchange data.

According to V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the market is slowly moving into a consolidation phase with strong support coming from largecaps. The current trend of largecap outperformance is likely to continue in the very short term.

“Presently, there are no major global cues that can sway the market trend. But domestic cues like the sustained decline in COVID cases and economic activity returning back to normal are positives,” he noted.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Seoul were trading with losses in mid-session deals, while Tokyo was positive.

Equities in the U.S. largely ended on a positive note in overnight trade.

Meanwhile, international oil benchmark Brent crude rose 0.03% to $69.53 per barrel.

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Printable version | Oct 19, 2021 12:12:56 PM |

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