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The Indian equity market opened flat. The NSE Nifty 50 opened lower by 7.10 points at 25,034 and BSE Sensex edged up by 6.83 points to 81,928.12.
Tuesday saw domestic equity indices close on a positive note, with the Nifty 50 surpassing the 25,000 mark. At the opening of the market, at the National Stock Exchange (NSE), the stocks of Asian Paints, Bajaj Auto, Tata Consumer, Bharat Petroleum Corporation Ltd., and Sun Pharma were top gainers. While the stocks of Tata Motors, ONGC, Hero Motocorp, Hindalco, and HDFC Life Insurance laggarded in the initial hour of the trade. Among the sectoral indices, the stocks of FMCG, Pharma, PSU Banks, and Healthcare opened in green. All other sectoral indices were in the red. Globally, US stocks rallied back to back for 2 days, after a three week period . US banks saw a sell off as J P Morgan warned that earnings estimates for the next year were too optimistic . JPMorgan's shares shed 5.2 per cent, for their biggest daily drop since April. Peers including Goldman Sachs and Citigroup also sold off. "US CPI data out on Wednesday morning US time will probably show a month on month growth of 0.2 per cent for both the headline and core data and an annual core number of 3.2 per cent . Anything below that will enthuse markets for a bigger rate cut on Sep 18th but we stay in the 0.25% rate cut expectation camp," said Ajay Bagga, Market and Banking expert ovserving the market. "Asian markets are down today, falling after a senior Bank of Japan (BOJ) officials comments that BOJ expects to increase Japanese rates further this year. With the Yen rallying, carry trade unwinding comes centre stage again. Indian stock futures are muted and we could see some two way moves again today , but the trend remains positive," he added. "Oil's continuing fall is pointing to more economic distress in China and Europe then is being factored in so far. Cautious optimism for now, and hoping for no risk off selling on Sep16th in anticipation of the Fed event," said Ajay Bagga, Market and Banking expert. Foreign institutional investors (FIIs) net purchased shares worth Rs 2,208.23 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 275.37 crore on September 10, 2024, as per provisional NSE data. Asian markets were lower on Wednesday, with Japan's Nikkei 225 down 0.55 per cent to 35,962 and South Korea's Kospi falling 0.34 per cent to 2,514.85. The Asia Dow dropped 0.17 per cent to 3,453.54, and China's Shanghai Composite decreased 0.67 per cent to 2,725.78. US markets closed mixed on Tuesday. The S&P 500 gained 0.45 per cent to 5,495.52, and the Nasdaq Composite rose 0.84 per cent to 17,025.88, while the Dow Jones Industrial Average fell 0.23 per cent to 40,736.96. (ANI)
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