The Indian market opened in the red, following the mixed global cues. The benchmark BSE Sensex opened at 58,184, down 65.62 points, or 0.11 per cent. On the other hand broader Nifty was down 20.55 points, or 0.12 per cent at 17,332.
On NSE, Tata Motors with the gain of 1.03 per cent emerged as the top performer, followed by Bharti Airtel with 0.62 per cent, Nestle India with 0.60 per cent and Hindalco with 0.59 per cent gain. On the flip side, SBI Life was the top losers whose scrip fell by 3.17 per cent, followed by Wipro, Hero Moto Corp, Mahindra and Mahindra and UPL. Sectorally, Nifty Bank was down 0.17 per cent, Nifty Auto was trading in the green, up 0.18 per cent, Nifty Metal was also up 0.27 per cent. On NSE, 20 shares advanced, 30 declined, keeping the market breadth negative in early trade.
On BSE, Jain Irrigation System was the top gainer with gain of over 4.8 per cent, followed by Rain Industries, Trident. On the other hand, Thomas Cook, Welspun India, Arman Financial Services were among the laggards. BSE MidCap rose by 0.03 per cent and BSE SmallCap rose by 0,27 per cent.
“USA stocks ended lower yesterday mainly led by selling pressure in energy, materials and technology stocks. Given growing concerns from rising delta variant of Coronavirus cases, reflation trade is quite visible in last couple of days with investors switching to defensive sectors like utilities and consumer staples. Notably, Fed’s Beige book report showed that economic growth slowed to a moderate pace in early July through August as safety concerns due to spread of COVID-19 impacted economic momentum. Additionally, speeches of select Fed officials yesterday were also mixed with regards to monetary policy stance of Federal Reserve. ECB meeting will be in focus today considering recent hawkish statements issued by select ECB officials,” Binod Modi, head strategy, Reliance Securities said.
The US and Asian stock markets on Thursday opened lower due to the US Fed’s report called as Beige Book that said the US economy is downshifted slightly in the summer. This piece of news was factored in by all bourses in Asia and the US as well.
“A major global trend post the Covid outbreak and the consequent crash in March 2020 and the incredible market recovery since April is the arrival and dominance of retail investors. This trend is robust and conspicuous in India. Importantly, retail investors have made money during this rally and continue to pour money into markets. A healthy development is the sustained increase in SIP inflows which have touched Rs 9923 cr during August. Retail investors in SIPs should stay put with a minimum investment horizon of 4 years since returns in the next couple of years may turn out to be below par due to high present valuations. Globally markets have taken a breather from the risk-on mode. India too is likely to follow suit. FIIs are back to selling mode. An important trend is Bank Nifty gathering strength. Jio Phone Next launch tomorrow will be keenly watched by the market,” Dr VK Vijaykumar, chief investment strategy, Geojit Financial Services said.
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