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Sensex, Nifty trade flat amid mixed global cues – Indian News Publication | India Business News
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Both Indian indices, the BSE sensex and Nifty, opened marginally higher , showing signs of recovery after breaking a six-session winning trend.
The NSE Nifty 50 and BSE Sensex, the leading blue-chip indices, had experienced a drop of around 0.6% on Wednesday, ending their impressive streak due to profit-booking by domestic investors. Despite a collective advance of 2.7% in the past sessions, market participants decided to cash in on the recent gains, leading to a downturn in market performance.
Domestic institutional investors have halted their continuous buying, selling off shares amounting to Rs 4.12 billion, marking an end to their seven-session purchase streak. In contrast, foreign investors shifted gears to become net buyers, injecting Rs 2.85 billion into the market after a brief selling phase.
The focus remains on IT stocks after their recent dip, especially in light of the Federal Reserve’s latest meeting minutes, which expressed concerns over premature interest rate cuts. With significant revenue stemming from the US, Indian IT firms are under the investors’ radar as they navigate through these uncertainties.
On the global front, Wall Street showed mixed results, while Asian markets witnessed slight gains. The MSCI Asia ex-Japan index rose by a modest 0.1%, with Japan’s Nikkei 225 reaching a new high, spurred by positive outcomes from U.S. tech firms like Nvidia, which reported robust earnings and an optimistic outlook.
Back home, the Sensex and Nifty retracted from their recent highs, influenced by end-of-day selling and mixed signals from international markets. Notable losses were seen among major companies, with NTPC leading the downturn. Conversely, sectors like steel and banking saw some stocks, including Tata Steel and SBI, bucking the trend with gains.
Market analysts like Vinod Nair from Geojit Financial Services point out the Indian market’s resistance at higher levels and the premium valuation of broader indexes, prompting investors to book profits amidst global economic uncertainties and awaited US Federal Reserve decisions.
As investors worldwide wait for clear signals and navigate through mixed market cues, the Indian stock market’s near-term trajectory remains under close watch, especially with fluctuating oil prices and ongoing global economic developments.
(With from agencies)
The NSE Nifty 50 and BSE Sensex, the leading blue-chip indices, had experienced a drop of around 0.6% on Wednesday, ending their impressive streak due to profit-booking by domestic investors. Despite a collective advance of 2.7% in the past sessions, market participants decided to cash in on the recent gains, leading to a downturn in market performance.
Domestic institutional investors have halted their continuous buying, selling off shares amounting to Rs 4.12 billion, marking an end to their seven-session purchase streak. In contrast, foreign investors shifted gears to become net buyers, injecting Rs 2.85 billion into the market after a brief selling phase.
The focus remains on IT stocks after their recent dip, especially in light of the Federal Reserve’s latest meeting minutes, which expressed concerns over premature interest rate cuts. With significant revenue stemming from the US, Indian IT firms are under the investors’ radar as they navigate through these uncertainties.
On the global front, Wall Street showed mixed results, while Asian markets witnessed slight gains. The MSCI Asia ex-Japan index rose by a modest 0.1%, with Japan’s Nikkei 225 reaching a new high, spurred by positive outcomes from U.S. tech firms like Nvidia, which reported robust earnings and an optimistic outlook.
Back home, the Sensex and Nifty retracted from their recent highs, influenced by end-of-day selling and mixed signals from international markets. Notable losses were seen among major companies, with NTPC leading the downturn. Conversely, sectors like steel and banking saw some stocks, including Tata Steel and SBI, bucking the trend with gains.
Market analysts like Vinod Nair from Geojit Financial Services point out the Indian market’s resistance at higher levels and the premium valuation of broader indexes, prompting investors to book profits amidst global economic uncertainties and awaited US Federal Reserve decisions.
As investors worldwide wait for clear signals and navigate through mixed market cues, the Indian stock market’s near-term trajectory remains under close watch, especially with fluctuating oil prices and ongoing global economic developments.
(With from agencies)
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