Stock Market LIVE: Sensex, Nifty turn flat, IT, Banks are in focus
Stock Market LIVE: Indian stock market indexes opened flat to positive on Wednesday tracking positive cues from Wall Street and Asian markets. Nifty today opened at 17924.25 levels up by only 10.1 points while Sensex made a positive opening of 19.08 points at 60134.56 levels. Soon after opening, markets slipped but recovered after a few minutes and trading volatile in a tight range.
The global markets sentiments improved, as the US Fed Chairman Powell emphasized the need for the central bank to be free from political influence while it tackles high inflation and remains silent in commenting on rate hikes on Tuesday. Market participants are in hopes that Fed would hike 25 basis points as several indicators are showing a decline in inflation.
However, the continuous selling pressure from Foreign investors (FIIs) hit the market sentiments, as FIIs sold Rs 2109.34 crore worth of shares in Indian equity markets on Tuesday, as per provisional data available on NSE. Some cautiousness is also there in the markets ahead of the US and domestic retail inflation data, which is due on Thursday.
Stock Market LIVE Today
Market Live at 12.25 pm IST, the Indian stock market indices, Sensex and Nifty are trading flat, Sensex is up by only 0.10 % while Nifty is absolutely trading flat at this moment. The Bank Nifty is up by 0.60 percent at 12.25 pm IST. The broader markets are trading mixed at this moment, as the Nifty midcap is trading lower by 0.20 percent, and smallcap index is trading higher by 0.22 percent at this time.
Among the sectors, IT, Bank, and Financial Services are trading higher whereas FMCG, Energy, and Auto are trading in the red. The top gaining stocks in the NIfty 50 index are BPCL, Hindalco, and HDFC Bank and the top losing stocks are Bharti Airtel, Cipla, and Eicher Motors
Stocks in News Today
The shares of Bharti Airtel trading lower by over 4 percent at Rs 757.70 per share on Wednesday after JP Morgan downgraded the stock to Underweight with the target at Rs 710 from Rs 860 per share, a downside of 8 percent from the current market price. The stock is trading lower by over 6% in the last two days.
Sun Pharma Industries is trading higher by 0.88 percent at Rs 1020.70 per share after the company announced that its wholly-owned subsidiary launched a novel anti-cancer drug for women, Palbociclib in India for patients who have advanced breast cancer.
On Tuesday, Axis Bank said that it has entered a revised agreement to acquire an additional 7% stake in Max Life Insurance at fair market value. Earlier Axis Bank had acquired 12.99 % of the equity in Max Life. Jefferies has given a buy rating on Axis Bank for the target of Rs 1110 per share. The Axis bank share price is trading slightly lower by 0.22% at Rs 950 per share
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