Sensex holds steady after initial surge; Mixed global cues impact trading

Mumbai, Sept 5: Indian equity indices showed a slight pullback after initially opening higher on Thursday, influenced by mixed signals from global markets.

As of 9:48 a.m., the Sensex was up by 31 points, or 0.04%, at 82,374, while the Nifty gained 13 points, or 0.05%, reaching 25,212. Market sentiment remained broadly positive, with 1,738 shares advancing and 521 shares declining on the National Stock Exchange (NSE).

Midcap and smallcap stocks experienced notable buying interest. The Nifty midcap 100 index rose by 252 points, or 0.43%, to 59,475, and the Nifty smallcap 100 index climbed 258 points, or 1.34%, to 19,580.

Sectoral indices saw gains in financial services, pharmaceuticals, FMCG, metals, private banks, and energy sectors. Conversely, auto, IT, PSU banks, and real estate sectors lagged behind.

Market experts suggest that stability in the US markets could support a continuation of the rally in India. However, they caution that significant gains might trigger foreign institutional investor (FII) selling, which could moderate the rally.

In the Sensex pack, the top gainers included UltraTech Cement, Tata Steel, ITC, Wipro, ICICI Bank, JSW Steel, Reliance, HDFC Bank, Tata Motors, IndusInd Bank, and Axis Bank. On the other hand, Nestle, Bharti Airtel, Bajaj Finserv, Bajaj Finance, Sun Pharma, NTPC, M&M, and HUL were among the top losers.

Asian markets displayed mixed trading patterns, with Tokyo, Hong Kong, and Seoul in the red, while Bangkok and Jakarta posted gains. US markets closed mixed on Wednesday.