Indian equity indices opened Wednesday’s trading session on a higher note following mixed global trends. The NSE Nifty 50 opened above 25,600, while the BSE Sensex opened 200 points higher at 83,900.
In line with the overall markets, Bank Nifty surged 86 points to 57,550. The small and midcap stocks remained flat; the Nifty Midcap 100 opened 14 points or 0.02% higher at 59,764.
“After breaking the 24,500-25,000 range, Nifty has moved to the new range of 25,200-25,800. Positive news about a possible trade deal between India and the US can help break the upper limit of the range, but it would be difficult to sustain the Nifty at higher levels for long. There are no indications yet of a strong rebound in earnings,” said VK Vijayakumar, Chief Investment Strategist at Geojit Investments.
The GST collections data for June indicates sluggish growth. Auto sales numbers for June also indicate subdued sales. In brief, there is no room for the market to sustain the upward momentum given the high valuations,” added Vijayakumar.
Here are key highlights from the early session-
Top performers leading the charge
Among the top gainers on the Nifty 50 were Infosys, TCS, Wipro, Tech Mahindra, and Hero MotoCorp. The top movers in the Nifty 50 were Infosys, TCS, ICICI Bank, HCL Technologies, and Sun Pharma as soon as markets opened.
Stocks in the red
The stocks that remained under pressure included IndusInd Bank, Shriram Finance, Nestle India, Bharat Electronics, and Bajaj Finserv, which were the laggards in the morning trade.
Global markets mixed
Asia-Pacific markets traded lower on Wednesday morning as investors watched the US Fed Chair Jerome Powell’s comments on rate cuts. Japan’s benchmark Nikkei 225 slid 1.32%, and the Topix lost 0.64%. The US markets closed Tuesday’s session on a mixed note as investors weighed the latest developments with President Donald Trump’s giant tax and spending bill and comments from Powell.