Sensex holds steady despite global market weakness
Published By : Bratati Baral | August 29, 2024 10:28 AM
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Mumbai, Aug 29: Indian equity indices opened flat on Thursday, influenced by negative cues from Asian and US markets. At 9:40 a.m., the Sensex was at 81,816, up by 31 points, and the Nifty was at 25,071, up by 19 points. Overall, the market trend remains positive.
On the National Stock Exchange (NSE), 1,134 shares are gaining while 759 are losing. Smallcap and midcap stocks saw marginal buying, with the Nifty midcap 100 index up 21 points (0.04%) at 59,179, and the Nifty smallcap 100 index up 46 points (0.23%) at 19,369.
Sectoral indices show gains in PSU Bank, financial services, pharma, FMCG, and media, while metal, energy, realty, and infrastructure sectors lag. Top gainers in the Sensex pack include Tech Mahindra, HDFC Bank, Bajaj Finserv, Sun Pharma, and Power Grid.
The top losers are UltraTech Cement, Infosys, HCL Tech, Tata Steel, Maruti Suzuki, JSW Steel, and Axis Bank. Experts note that weak global cues have turned into buying opportunities in the domestic market, with the trend remaining resilient and steadily climbing without sharp spikes. They also highlight that the recent interest in IT stocks is due to anticipated order executions from a soft landing scenario in the US economy.
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