Opening bell: Benchmark indices open marginally higher; Bajaj Finserv, Mahindra and Mahindra and Tata Steel emerge as top Sensex gainers
Benchmark indices traded with mixed cues in the pre-opening session on the back of weak global cues.
In the pre-opening session, Nifty futures on the Singapore Exchange traded 1 point, or 0.01%, higher at the 15,723 level indicating a muted start on Dalal Street.
On the global front, Wall Street stocks traded lower Tuesday as markets eyed on key Federal Reserve decision and incorporated another report showing rising inflation. On the same lines, Tokyo stocks started the trading session on a downward note on Wednesday. Oil prices dropped on worries due to fuel demand ahead of a U.S. Federal Reserve meeting expecting to see a hike in rates by at least 75 basis points to overcome inflation.
At the open, Sensex was up 67.57 points or 0.13% at the 52761.14 level while Nifty gained 24.30 points or 0.15% at the 15,756.40 level. Tata Motors, Bajaj Finance, JSW Steel, M&M and Hindalco Industries were among the major gainers on the Nifty, while losers were Tata Steel, HUL, Reliance Industries, HDFC and Britannia Industries. The top gainers in Sensex at the open were Tata Steel, M&M, Bajaj Finance, Bajaj Finserv and Powergrid Corporation whereas the top losers were HUL, Reliance Industries, HDFC, Bharti Airtel and HDFC Bank.
In the broader markets, at 9.50 am BSE Mid Cap and Small Cap indices traded flat with a gain of 0.29% and 0.52%, respectively. The top three mid-cap stocks in the BSE Midcap Index comprise Page Industries, Indraprastha Gas and Adani Power whereas the top three small cap stocks were Yaari Digital Integrated Services, Jamna Auto and Fine Organics gaining up to 10%.
On the sectoral front, indices traded on a flat note. In the first few minutes of the trading session, BSE Metal Index shed up to 1% dragged by Coal India, JSW Steel and Hindalco Industries whereas Nifty Auto Index added 1% led by Tube Investments India, MRF and Mahindra & Mahindra.
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