Indian equity indices opened Tuesday’s trading session on a subdued note. The NSE Nifty 50 opened 20 points or 0.08% lower at 25,940. The BSE Sensex opened 86 points or 0.10% lower at 84,815.
The Bank Nifty opened 38 points or 0.06% lower at 58,797. Similarly, the small and mid-cap stocks were in line with benchmarks. The Nifty Midcap opened 16 points or 0.03% lower at 60,065.
“The global clues are mixed today: the rally in the U.S. markets and expectations of a 25 bp rate cut from the Fed are positive for global equity markets. But the sharp 2.69% rally in the Nasdaq and the big rebound in Mag 7 stocks will again trigger fears of an AI bubble. India will benefit on a sustained basis only when the AI trade weakens, and money starts flowing into EMs like India and into non-AI stocks,” said VK Vijayakumar, Chief Investment Strategist at Geojit Investments.
“An important takeaway from Q2 results is that midcaps are outperforming largecaps in revenue and profit growth. This explains the resilience of the midcap index, which set a new record recently. The picture may again favour largecaps when the Q3 numbers indicate revival of earnings growth in largecaps,” he added.
Let’s take a look at the key factors to watch out for today’s trading session
Early gainers and laggards
In early trade, among the Nifty 50, top gainers at this hour were Dr Reddy’s Lab, BEL, Max Healthcare, Eternal (Zomato), and JSW Steel. On the flip side, the key laggards in the Nifty 50 pack included Nestle India, Wipro, IndiGo, SBI Life Insurance, and ICICI Bank.
Major movers on Monday
The stocks that were the major movers in the opening trade included HDFC Bank, Larsen & Toubro, Bharat Electronics, SBI, and Max Healthcare Institute, which were the major movers in the morning trade.