Sensex at 81,481, Nifty Near 25,000 Mark; Infosys Down Over 1%

Market Update at 12:30 PM: Stock markets in India managed to recover from early losses and traded mildly higher on Thursday, supported by select Large-Cap and Mid-Cap stocks.

As of 12:25 AM, the BSE Sensex was at 81,481.09, up 55.94 points or 0.07 per cent, while the Nifty50 was at 25,006.45, higher by 33 points or 0.15 per cent.

Infosys shares were down by 1 per cent ahead of its Board meeting scheduled today, where the company will decide on its fifth-ever buyback programme. Historically, Infosys’ stock has delivered mixed performance in both the medium and short term, with investors watching closely for announcements on dividends, buybacks, and Quarterly Results.

Among the Top Losers in the session were Tech Mahindra, Kotak Mahindra Bank, Ultratech Cement, Trent, and Bharti Airtel. On the other hand, gains were seen in Eternal, Adani Ports, NTPC, BEL, Sun Pharma, SBI, Titan, and ITC, with some stocks rising up to 2 per cent.

The broader market outperformed the benchmarks, with the Nifty MidCap index advancing 0.30 per cent and the Nifty SmallCap index rising 0.36 per cent. Market participants highlighted selective buying in mid-cap and Small-Cap counters, which have recently delivered multibagger returns in certain sectors.

From a sectoral perspective, the Nifty IT index fell 0.4 per cent due to profit booking, while the Nifty Pharma index gained 0.5 per cent, led by buying interest in healthcare-related counters.

Market Update at 10:15 AM: India’s equity benchmarks opened little changed on Thursday, as weakness in information technology stocks offset broader gains amid expectations of progress in India-US trade negotiations.

The Nifty 50 rose 0.06 per cent to 24,990.55, while the BSE Sensex gained 0.09 per cent to 81,501.42 as of 09:19 a.m. IST. The Nifty has advanced 1.6 per cent over the past six sessions, supported by factors such as India’s consumption tax cuts, expectations of a US Federal Reserve rate cut, and improving sentiment around bilateral trade talks.

Out of the 16 major sectoral indices, 13 recorded gains. Broader indices such as small-caps and mid-caps traded flat. The IT index fell 0.4 per cent, with Infosys dropping 1 per cent ahead of its board meeting to consider a share buyback proposal. Notably, Infosys shares had gained 7 per cent in the two sessions following the announcement.

Pre-Market Update at 7:30 AM: On Thursday, September 11, the Indian equity market benchmark indices, the Sensex and Nifty 50, are set for a muted opening, tracking mixed cues from global markets. As of 7:16 AM, the GIFT Nifty was trading near 25,088, up 14 points, indicating a flat start for domestic equities.

Union Commerce and Industry Minister Piyush Goyal, speaking at a FICCI event, said India is in active dialogue with the United States for a free trade agreement. Alongside, discussions with New Zealand and negotiations with the European Union in New Delhi are also underway, which may influence investor sentiment in the coming months.

On Wednesday, September 10, Foreign Institutional Investors (FIIs) were net sellers, offloading equities worth Rs 115.69 crore. In contrast, Domestic Institutional Investors (DIIs) were strong buyers, purchasing shares worth Rs 5,004.29 crore. DIIs have maintained their buying streak for 12 consecutive trading sessions, supporting mid-cap and small-cap stocks.

The Indian market ended higher on September 10 as optimism over India-US trade talks lifted sentiment. The Sensex advanced 323.83 points, or 0.40 per cent, closing at 81,425.15, while the Nifty 50 gained 104.50 points, or 0.42 per cent, finishing at 24,973.10. The Bank Nifty rose to 54,216.10. Among sectors, IT led the rally along with FMCG and pharma, while Realty and Oil & Gas witnessed selling pressure. Mid-cap and small-cap indices also recorded marginal gains.

On Wednesday, US equities ended mixed. The S&P 500 and Nasdaq posted record-high closes, supported by softer-than-expected inflation data, which boosted hopes of a Federal Reserve rate cut next week. The Dow Jones slipped 0.48 per cent to 45,490.92, while the S&P 500 rose 0.30 per cent to 6,532.04. The Nasdaq edged up 0.03 per cent to 21,886.06. Meanwhile, US producer prices unexpectedly fell in August, with the Producer Price Index (PPI) dipping 0.1 per cent after a 0.7 per cent rise in July.

Japan’s wholesale inflation rose 2.7 per cent year-on-year in August, in line with market expectations, following a 2.5 per cent increase in July. In the commodities market, Brent crude oil futures hovered around USD 67.4 per barrel, while WTI crude oil traded at USD 63.7 per barrel, sustaining a three-day gain amid geopolitical tensions.

The US dollar index climbed for the third straight session to 97.822. Gold prices moved higher as weaker-than-expected PPI data in the US supported demand. Spot gold rose 0.1 per cent to USD 3,645.04 an ounce after touching a record high of USD 3,673.95 earlier this week.

For today, RBL Bank will remain on the F&O ban list.

Disclaimer: The article is for informational purposes only and not investment advice.