Opening bell: Positive global trends help domestic bourses open higher; Sensex surges over 60000 level
The Indian benchmark indices opened on a higher note on Wednesday, tracking Asian markets.
The Sensex rose almost 100 points, while the Nifty50 opened up about 15,900. On Wednesday, the two indices began trading at 17,868.15 and 59,938.05, respectively. The S&P BSE Small-Cap index increased by 0.49%, while the S&P BSE Mid-Cap index increased by 0.38% in the overall market.
In August, steady purchasing from foreign institutional investors (FIIs) and strong global cues caused the barometer indices to begin moving higher by about 0.15%. On August 16, FIIs spent Rs 1,376.84 crore on shares in the Indian market, bringing the month's total net purchase amount to Rs 16,218.50 crore.
In terms of industries, the Nifty Financial Services, IT, and Auto saw some selling pressure in the first trade, while others remained in the black. The two sectoral indices that gained the most were Nifty PSU Bank and Pharma. 2.27% more was gained by RateGain Travel Technologies (RateGain).
Market breadth was strong as 1,818 shares increased and 661 shares decreased on the BSE and 99 shares remained unchanged in total. According to the company, Air India, the flag carrier of India and a subsidiary of India's biggest conglomerate, the Tata Group, has chosen RateGain's AirGain product to dynamically adjust prices using real-time, accurate, and high-quality airfare data to compete with other major airlines around the world.
The S&P 500 and Nasdaq have recovered 18% and 24% from their June lows, respectively. On Wednesday morning, the SGX Nifty was trading about 50 points higher on the Singaporean exchange. Similar to this, the Hong Kong Exchange's Hang Seng Index increased by 0.22%, the Nikkei 225 in Japan increased by 1%, while the Shanghai Composite in China traded unchanged in early trade. New Zealand raised its interest rate by 50 basis points to 3%, in the latest series of interest rate increases to control inflation.
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