Indian Stocks Rise Marginally at Opening Bell Wednesday
Indian stock indices opened in the green on Wednesday, albeit marginally, following overnight losses in the global benchmark US market. At 9:35 am, the Sensex and Nifty indices in India were each around 0.1 per cent higher from their previous closing. The movement in sectoral indices was mixed, with Nifty Media being the top mover and Nifty Realty experiencing the most significant decline.
Among the Nifty 50 stocks, which are widely tracked, 33 advanced, 16 declined, and one remained steady. The top gainers included BPCL, Cipla, Dr Reddys, HDFC Life, and Power Grid Corporation of India. On the other hand, Hindalco, Kotak Mahindra Bank, Adani Enterprises, ICICI Bank, and TCS were the top laggards in early trade.
Today the focus of the market will be on the opening of the four IPOs. A lot of money is likely to go into the high-quality Tata Technology IPO. Investors can continue to accumulate high-quality large-caps, particularly in banking and autos where the margin of safety is high, said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
This week will also witness several IPOs up for subscription in the Indian stock exchanges. Tata Technologies, Indian Renewable Energy Development Agency (IREDA), Fedbank Financial Services, Flair Writing Industries, and Gandhar Oil Refinery shares are among those up for subscription.
Overall, we expect the market to continue to trade in a broader range with a positive bias, said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd.
Meanwhile, the eagerly anticipated minutes of the latest US Fed monetary policy review meeting were revealed on Tuesday. Participants in the US were of the view that further tightening of monetary policy would be appropriate if incoming information indicated insufficient progress toward the US Federal Reserve’s inflation objective.
The minutes stated that the participants expected upcoming data to provide clarity on the extent to which the disinflation process was continuing, aggregate demand, and labor market fundamentals. Currently, consumer inflation is at 3.2 per cent, above the US Federal Reserve’s target of 2 per cent.
With positive movements in the Indian stock indices and the anticipation of upcoming IPOs, investors and market participants remain watchful as they navigate market fluctuations in search of profitable opportunities.
Note: This article is for informational purposes only and should not be considered as financial advice.
