Sensex and Nifty Edge Up as US Fed Decision Looms Ahead
The Bombay Stock Exchange Sexses traded at 75 points or 0.11% higher at 66,460.
However, Nifty trade upped by 28 points or 0.14% at 19 700 at approximately 9.19 am.
Among the Sensex stocks, JSW Steel, Tata Motors, M&M, UltraTech Cement, Airtel, Sun Pharma, and Bajaj Finance opened with profits, while the cuts were on Infosys, Asian Paints, Maruti, Wipro, and ITC.
TVS Motor Company shares opened 3% higher after the company posted about its 46% YoY profit increase to Rs 468 crore.
JK Paper shares have also opened at 5.5% higher after the company announced an 18% YoY increase in their net profit to Rs 313 crore.
On the other hand, Nifty Metal rose by 0.94%, and Nifty Auto increased by 0.68%. Financial services, banks, realty, media, consumer durables, pharma, and healthcare sectors also opened with profits.
Nifty Midcap promoted 0.45% in the broader market, and Nifty Smallcap 100 gained 0.53%.
“FPI flows have slowed down. In the last two days, FPIs have sold stocks worth Rs 2081 crores indicating buying exhaustion. This is a normal response to the rising dollar index which has moved up to 101.4 from the recent low of 99,”
– V K Vijaykumar, the Chief Investment Strategist, Geojit Financial Services.
“Even though the Nifty is showing signs of resilience, it is unlikely to race to the 20,000 level in the next few days, given the rising dollar and declining FPI inflows. Brent crude spiking to $82 will be another drag on the market,” he further added. The Director of Progressive Shares said, “On the daily chart, Nifty has formed bearish candles which indicates downside is still open. A corrective move in the markets is likely to drag the Index lower to the max of 19,440-19,500 where it will test its 20 DMA as well as strong support zone.”
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