Sensex, Nifty rise marginally; US Fed decision in focus
US Federal Reserve's monetary policy decision tomorrow, Indian equity markets opened marginally higher on Tuesday, led by banking, auto, and financial stocks. The BSE Sensex was trading 75 points or 0.11% higher at 66,460. Nifty50 was trading at 19,700, up 28 points or 0.14% at around 9.19 am.
Among Sensex stocks, Tata Motors, JSW Steel, UltraTech Cement, M&M, Sun Pharma, Airtel, and Bajaj Finance opened with gains, while Asian Paints, Infosys, ITC, Wipro, and Maruti opened with cuts. Shares of TVS Motor Company opened 3% higher after the firm posted a 46% YoY increase in profit to Rs 468 crore. Shares of JK Paper also opened 5.5% higher after the firm reported an 18% YoY rise in net profit to Rs 313 crore.
On the sectoral front, Nifty Metal surged 0.94%, and Nifty Auto rose 0.68%. Bank, financial services, media, realty, pharma, consumer durables, and healthcare sectors also opened with gains. In the broader market, Nifty Midcap 100 advanced 0.45%, and Nifty Smallcap 100 gained 0.53%.Experts Take «FPI flows have slowed down.
In the last two days, FPIs have sold stocks worth Rs 2081 crores indicating buying exhaustion. This is normal response to the rising dollar index which has moved up to 101.4 from the recent low of 99,» V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said. «Even though 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,» Vijayakumar added. Aditya Gaggar, Director of Progressive Shares, said, «On the daily chart, Nifty have formed bearish candles which indicates downside is still open. A corrective move in the
. Read more on economictimes.indiatimes.com
