Sensex, Nifty turn flat after firm opening

People locomotion past the Bombay Stock Exchange (BSE) building, successful Mumbai. | Photo Credit: PTI

Equity benchmark indices turned level aft opening the commercialized connected a affirmative enactment aboriginal connected Tuesday (October 8, 2024) amid a anemic inclination successful the Asian markets.

The 30-share BSE Sensex climbed 128.88 points to 81,178.88 successful aboriginal trade, portion the NSE Nifty went up 43.35 points to 24,839.10.

Later, some the benchmark indices faced volatility and were trading with marginal gains.

From the Sensex pack, Adani Ports & Special Economic Zones, NTPC, UltraTech Cements, Hindustan Unilever, HDFC Bank, State Bank of India, and Larsen & Toubro were among the large gainers.

Tata Steel, JSW Steel, Tata Motors, HCL Technologies, and Tata Consultancy Services were among the laggards.

"Market has turned anemic responding to antagonistic cues from escalating geopolitical tensions successful the Middle East, monolithic FPI selling and concerns surrounding the predetermination results owed connected Monday (October 7, 2024)," V.K. Vijayakumar, Chief Investment Strategist astatine Geojit Financial Services, said.

Foreign Institutional Investors (FIIs) offloaded equities worthy ₹8,293.41 crore connected Monday, portion Domestic Institutional Investors (DIIs) bought equities worthy ₹13,245.12 crore, according to speech data.

The nett FPI selling of ₹50,011 crore during the past six trading sessions has been much than offset by the DII buying of ₹53,203 crore, Mr. Vijayakumar said.

There are capable indicators to amusement that FPIs person been pursuing a 'Sell India, Buy China' strategy. Elevated valuations successful India and inexpensive valuations for Chinese stocks triggered this alteration successful FPI strategy, helium added.

In Asian markets, Tokyo, Hong Kong, Seoul are trading lower, portion Shanghai is quoting successful the green.

The U.S. markets ended successful the antagonistic territory connected Monday.

Global lipid benchmark Brent Crude fell 1.42% to $79.78 a barrel. On Monday, Brent Crude soared supra $80 a barrel— its highest terms since August.

Extending the losses for the sixth consecutive league connected Monday, the BSE Sensex tumbled 638.45 points, oregon 0.78%, to settee astatine 81,050. The NSE Nifty slumped 218.85 points, oregon 0.87%, to extremity astatine 24,795.75.

Published - October 08, 2024 10:32 americium IST