Sensex, Nifty start on choppy note; RIL up one percent
Equity benchmark indices Sensex and Nifty opened on a choppy note on Thursday, tracking a weak trend in Asian equities and sustained foreign fund outflow. After opening on a negative note, the 30-share index was trading 46.78 points or 0.08 percent higher at 55,990.99. Similarly, the broader NSE Nifty advanced 16.80 points or 0.10 percent to 16,651.45.
Who were the top gainers and losers?
Reliance Industries was the top gainer in the Sensex pack, rising around one percent, followed by HCL Tech, Bajaj Finserv, Asian Paints, Bajaj Auto, Bajaj Finance, and L&T. On the other hand, Bharti Airtel, PowerGrid, Maruti, Titan, and Axis Bank were among the laggards.
Sensex had ended 0.03 percent lower in the previous session
In the previous session, Sensex ended 14.77 points or 0.03 percent lower at 55,944.21, while Nifty settled 10.05 points or 0.06 percent higher at its new closing record of 16,634.65. Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs. 1,071.83 crore on Wednesday, as per provisional exchange data.
Domestic equities look to be muted as of now: Expert
"Domestic equities look to be muted as of now," said Binod Modi, Head Strategy at Reliance Securities. "The government's focus to improve credit growth through credit outreach programs augur well for the domestic economy and corporate earnings," he said.
'RBI continues to reflect its commitment to support economic recovery
"Additionally, minutes of the MPC meeting continue to show RBI's commitment to ensure policy support to sustain the economic recovery despite select members showing some apprehensions about the high inflation and pitching for gradual normalization in an ultra-loose monetary policy," the expert said. "These indicate a sharp economic recovery in the 2HFY22E," he further said.
Brent crude is trading at $70.90 per barrel
US equities extended gains with S&P 500 and Nasdaq witnessing fresh record highs ahead of Fed Chairman Jerome Powell's speech on Friday at Jackson Hole Symposium. Elsewhere in Asia, bourses in Shanghai, Hong Kong, and Seoul were trading in the red in mid-session deals, while Tokyo was positive. Meanwhile, international oil benchmark Brent crude fell 0.53 percent to $70.90 per barrel.
