Benchmark indexes BSE Sensex And nifty50, both open in positive territory. On mixed global cues, the BSE Sensex closed 37.42 points or 0.07 per cent higher at 57375.63 and Nifty ended 7.50 points or 0.04 per cent higher at 17083.80. About 977 shares have risen, 392 shares have declined and 74 shares have remained unchanged.
On NSE, at 0946 hrs IST, Dr Reddy’s, HDFC Life, Cipla, Titan and Ultra Cement were the top gainers, however, on the other hand, Hero Motor, Tech Mahindra, Bajaj Finance and Bajaj Finserv are trailing. On BSE, Kitex Garments is the topper and Banari Amman Sugar is the loser. Sector wise, Nifty IT, Nifty Media, Nifty Auto were trading in red mark. However, Nifty FMCG was the top gainer. At the same time, BSE Midcap rose 0.75 per cent and BSE Smallcap rose 0.62 per cent.
As per the trends of SGX Nifty, the benchmark index is expected to open flat on a slightly positive note. on the technical front; In Nifty 50, the market remained higher and higher, which indicates an uptrend. We believe 17,150 is an immediate resistance in Nifty 50 and a move above this level may take the momentum to 17,300 levels in the short term. On the downside, 16900 remains crucial support in Nifty 50,” said Mohit Nigam, Head-PMS, Hem Securities.
Indian markets opened flat on Thursday amid mixed signals from global markets. Global markets are cautious as US employment data is due out this week, so markets are looking to this data. Apart from the US markets, which touched an all-time high yesterday, the Asian markets opened on a flat note. The Hang Seng index rose 0.67 per cent, or 175.23 points, to 26,203.52. The Shanghai Composite shed 0.20 per cent, or 7.20 points, to end at 3,559.90, while the Shenzhen Composite Index on the second exchange of China fell 0.22 per cent, or 5.32 points, to 2,412.57. At the same time, Japan’s shares also opened with gains. The benchmark Nikkei 225 index was up 0.48 per cent, or 135.43 points, at 28,586.45 in early trade, while the broader Topix index rose 0.21 per cent, or 4.23 points, to 1,985.02.
“Both Wall Street and Dalal Street have been one-way streets for a long time, with only minor downsides. And, enthusiastic retail investors are buying every fall. This ‘Dips on Dips’ strategy is rewarding to retail investors and hence, they can be expected to continue with that strategy till there are sharp corrections and negative signs in the market. The skepticism of ‘smart money’ is evident in the ‘off and on’ response of FIIs, who have turned buyers for three consecutive days after becoming sellers on a continuous basis for several days. FIIs are currently chasing momentum and hence their recent purchases should not be given any serious importance. But a key trend emerging in FPI inflows is their buying into debt: Rs 12,144 crore in August. This is the first positive monthly figure in 2021 and is likely to continue. The risk-reward for FIIs is in favor of debt at this level of the market,” said Dr VK Vijay Kumar, Chief Investment Strategist, Geojit Financial Services.
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