Last updated: August 30, 2023, 9:56 AM IST
Sensex today: Domestic markets started trading on a positive note on Wednesday following strong signals from global markets. Benchmark indices, the S&P BSE Sensex, gained more than 250 points to trade around 65,372 levels, while Nifty50 rose more than 50 points to trade above 19,400 levels.
Broader markets also showed strength as the Nifty Midcap 100 and Nifty Smallcap 100 indices rose as much as 0.8 percent. The volatility gauge, India VIX, fell 3 percent.
With the exception of the Nifty Oil & Gas index, all other sectors traded in the green. The Nifty Realty index gained the most, over 1 percent.
Among individual stocks, small cap company Ami Organics rose 5% as Morgan Stanley Asia Singapore Pte non-ODI bought 6,21,898 shares in the pharmaceutical company through open market transactions on Tuesday.
Shares of small cap company MPS also opened 6% higher as business unit MPS Interactive Systems acquired a 65% stake in Liberate Group entities for AUD 9.32 million.
“In the short term, the market may remain stable due to favorable global signals. The US consumer index indicates that the US economy is slowing. If wage data expected this Friday confirms this trend, the Fed will not move to another rate hike any time soon,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
“Capital goods are currently a strong segment of the market. One concern is the poor quality of the stocks participating in the mid- and small-cap rally,” said Vijayakumar.
Global markets
Wall Street closed higher overnight after data showed a decline in consumer confidence and job openings, easing interest rate concerns as they indicated the US Federal Reserve’s tightening policies have resulted in a cooling of the economy.
Further data to be released later this week, including August’s nonfarm payrolls and July’s personal consumption expenditure (PCE), could influence the Fed’s interest rate decision. Asian markets rose.
