Stock markets open in the green amid mixed global cues

Stock Market Updates

Equity benchmark indices rose on Wednesday as the market experienced volatile trading, with bank stocks seeing increased buying alongside mixed global trends. Continuing its fourth consecutive day of gains, the 30-share BSE Sensex rose by 116.94 points to reach 81,572.34 in early trading.

The NSE Nifty also went up by 33.75 points to 24,891.05. Among the Sensex gainers were NTPC, Asian Paints, JSW Steel, Bharti Airtel, ITC, ICICI Bank, Adani Ports, Special Economic Zone, and Tech Mahindra. Power Grid, Tata Motors, IndusInd Bank, Axis Bank, Reliance Industries, and Kotak Mahindra Bank were among the laggards. In Asian markets, Shanghai, Hong Kong, and Seoul saw higher trading, while Tokyo was trading in negative territory.

The US markets closed with mixed results on Tuesday. According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, global cues may indicate a possibility of a rate cut from the US Federal Reserve in September. He advised investors to take a long-term view of the market and adjust their expectations to realistic levels, emphasizing the importance of safety in the market.

Additionally, he warned against chasing abnormally high returns in the broader market, deeming it a risky strategy. The global oil benchmark Brent crude rose by 1.49 percent to USD 79.80 per barrel.

Foreign institutional investors offloaded equities worth Rs 5,598.64 crore on Tuesday, according to exchange data. On Tuesday, the 30-share BSE Sensex closed higher at 81,455.40, marking its all-time closing high, while the NSE Nifty settled at an all-time closing high of 24,857.30 after edging up 21.20 points.