Sensex trades flat amid weak global cues
Published By : Prameya News Bureau | September 11, 2024 10:37 AM
Mumbai, Sep 11: India's equity indices were trading flat in early hours, influenced by weak global cues from the US and Asian markets. As of 9:45 a.m., the Sensex was up by 69 points or 0.09 percent at 81,990, while the Nifty increased by 29 points or 0.12 percent to reach 25,070.
In the initial trade, there was notable buying activity in midcap and smallcap stocks. The Nifty midcap 100 index rose by 291 points or 0.49 percent to 59,330, and the Nifty smallcap 100 index gained 88 points or 0.46 percent, reaching 19,405.
Among the Sensex constituents, the top gainers included Asian Paints, Sun Pharma, Bajaj Finance, Bharti Airtel, Ultratech Cement, HUL, SBI, Power Grid, HCL Tech, ITC, and Kotak Mahindra Bank. Conversely, Tata Motors, Wipro, ICICI Bank, JSW Steel, Infosys, Titan, HDFC Bank, and Tech Mahindra were the primary losers.
Market experts suggest that the Federal Reserve is expected to begin its rate-cutting cycle this month, with the Reserve Bank of India likely to follow with two rate cuts in FY25. Banking stocks, considered attractively valued, are seen as favorable investments for the medium to long term. Defensive sectors like Pharma and FMCG are anticipated to continue being popular among investors.
Sector-wise, PSU Bank, pharma, FMCG, infrastructure, and IT stocks led the gains, while auto, metal, realty, energy, and private banking stocks lagged behind.
Deven Mehata, Derivative Analyst at Choice Broking, noted that the Nifty might find support at 25,000, with additional support levels at 24,900 and 24,800. On the upside, 25,150 is expected to serve as immediate resistance, followed by 25,250 and 25,300.