Opening bell: Domestic bourses trade flat; Bank Nifty nears the 40,000 level

Opening Bell.

Indian Market
by 5paisa Research Team Last Updated: 2022-09-06T14:28:42+05:30

On Tuesday, the Indian benchmark indices got off to a slow start. 

Early trading saw an increase in the domestic equities’ benchmarks, driven by gains in significant index pivot points. The Nifty was circling the 17,750 level. Shares rose across all industries, with metal, oil & gas, and auto firms increasing the most. 

The S&P BSE Sensex, the barometer index, was up 256.1 points, or 0.43%, to 59,502.08 at 09:22 am. To reach 17,743.95, the Nifty 50 index gained 78.15 points or 0.44%. Gains in all areas, following a mostly upbeat trend in other Asian markets. The companies in the financial, oil and gas, auto, and healthcare industries contributed the most to the increases in the main indexes. 

The top Nifty gainers were Tata Motors (up 0.87%), Power Grid Corp (up 1.41%), HDFC Life (up 1.04%), Coal India (up 1.03%), and Apollo Hospitals Enterprise (up 2%). The top Nifty losers were ONGC (down 0.11%), Kotak Mahindra Bank (down 0.20%), and Nestle India (down 0.28%). 

The S&P BSE Small-Cap index increased 0.69%, and the S&P BSE Mid-Cap index increased 0.48% in the overall market. Market breadth was substantial as 2004 shares increased and 594 shares decreased on the BSE and 104 shares in total remained unchanged. 

In anticipation of the Reserve Bank of Australia's rate announcement on Tuesday, Asian stocks are trading in a range. According to reports, the Reserve Bank of Australia will increase interest rates by a half point to 2.35%. 

After defeating Rishi Sunak in the Conservative Party leadership contest, Mary Elizabeth Truss, more commonly known as Liz Truss, was named the next prime minister of the United Kingdom on September 5. After OPEC and significant allies like Russia agreed to lower production restrictions by 100,000 barrels per day in October, the price of crude oil started to rise again. Due to Labor Day, US stocks were closed on Monday. 

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