Opening bell: Indian equity indices gain in the morning trade, Nifty Bank leads
The Indian market gained at the opening on Tuesday, recovering yesterday's downturn.
With modest gains in the early session, the major equity indices are trading close to the flat line. While IT, private banks, and realty shares were under pressure, metal, media, and auto stocks were in high demand. The S&P BSE Sensex, the barometer index, was up 208 points or 0.35% to 58,985.97 at 10:07 IST. The Nifty 50 index increased 17.504.80 points, or 14.10 points, or 0.08%. The S&P BSE Small-Cap index increased 0.53%, while the S&P BSE Mid-Cap index increased 0.59% in the overall market.
Market breadth was positive as 1,855 shares increased and 817 shares decreased on the BSE and 110 shares were unchanged in all. According to preliminary statistics, on August 22, foreign portfolio investors (FPIs) sold shares worth Rs 453.77 crore while domestic institutional investors (DIIs) were net sellers of Rs 85.06 crore. TVS Electronics saw a 7.15% increase. To access the market for mobile POS software solutions and authentication solutions, the company has signed a business transfer agreement with M/s GTID Solutions Development Private Limited.
Tuesday's trade in most Asian stocks is down after Wall Street's major indexes saw their worst day since June due to growing concerns about rate hikes. As new orders keep declining, Japan's manufacturing activity growth dropped to a 19-month low. The au Jibun Bank Flash Manufacturing Purchasing Managers' Index (PMI) fell to a seasonally adjusted 51.0 in August, down from July's final of 52.1.
The worst day for US stocks since June occurred on Monday as a result of the summer boom fizzling out and a resurgence of Wall Street's concerns about adversity in interest rate hikes. Before Federal Reserve Chairman Jerome Powell's most recent remarks on inflation at the central bank's annual Jackson Hole economic conference, investors are preparing for what might be a turbulent week of trading.
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