AgenciesNEW DELHI: Benchmark indices opened on a muted note on Wednesday amid weak cues from Asia and ahead of expiry of monthly futures and options contracts.
At 9.25 am, the BSE Sensex was trading 57 points or 0.10 per cent higher at 59,088.67. The index tested the 59,000 level in early trade. Nifty50 was trading at 17,588.60, up 11 points or 0.06 per cent. The midcap and smallcap indices rose to 0.60 per cent .
"We are still not out of the woods till the time a few important levels are taken out. As of now, 17,650-17,710 is the immediate resistance zone and momentum traders should ideally look to lighten up longs around it. On the flipside, 17,525-17,450 are to be seen as immediate supports," said Sameet Chavan of Angel One.
advanced 1.49 per cent to Rs 1,086.90. , , and gained up to 1.31 per cent. , , Dr Reddy's and Mahindra & Mahindra edged higher.
Losers included , and Larsen & Toubro, which fell up to 1.8 per cent. , , and declined up to 0.7 per cent.
Shares of climbed 5 per cent to Rs 384.50 after Adani group launched a takeover bid, with an open offer to acquire an additional 26 per cent or 1.67 crore equity shares for up to Rs 492.81 crore at a price of Rs 294 per share. Three Adani group firms have come out with a public announcement for the offer under the Sebi norms.
Meanwhile, provisional data showed FPIs were net buyers of domestic stocks to the tune of Rs 563 crore on Tuesday.
"The steady buying by FPIs even in the midst of strengthening the Dollar is significant from the market perspective. There is a near consensus now that India will be an outperformer in the deteriorating global growth environment. So, FII inflows will be more country specific rather than emerging market oriented," said V K Vijayakumar, Chief Investment Strategist at .
Vijayakumar said the near-term market trend will be influenced by the observations of the Fed Chief Jerome Powell on Friday.
"If the Fed Chief sounds ultra-hawkish, that would be a dampener for markets. On the other hand if he sounds optimistic on the growth front and on containing inflation that would be a bullish message," he said.
Earlier today, major Asian hubs were trading in the red after modest falls on Wall Street, with all eyes on a meeting of central bankers in Jackson Hole, Wyoming.
MSCI's index of Asia-Pacific shares outside Japan was trading 0.24 per cent lower.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
At 9.25 am, the BSE Sensex was trading 57 points or 0.10 per cent higher at 59,088.67. The index tested the 59,000 level in early trade. Nifty50 was trading at 17,588.60, up 11 points or 0.06 per cent. The midcap and smallcap indices rose to 0.60 per cent .
"We are still not out of the woods till the time a few important levels are taken out. As of now, 17,650-17,710 is the immediate resistance zone and momentum traders should ideally look to lighten up longs around it. On the flipside, 17,525-17,450 are to be seen as immediate supports," said Sameet Chavan of Angel One.
advanced 1.49 per cent to Rs 1,086.90. , , and gained up to 1.31 per cent. , , Dr Reddy's and Mahindra & Mahindra edged higher.
Losers included , and Larsen & Toubro, which fell up to 1.8 per cent. , , and declined up to 0.7 per cent.
Shares of climbed 5 per cent to Rs 384.50 after Adani group launched a takeover bid, with an open offer to acquire an additional 26 per cent or 1.67 crore equity shares for up to Rs 492.81 crore at a price of Rs 294 per share. Three Adani group firms have come out with a public announcement for the offer under the Sebi norms.
Meanwhile, provisional data showed FPIs were net buyers of domestic stocks to the tune of Rs 563 crore on Tuesday.
"The steady buying by FPIs even in the midst of strengthening the Dollar is significant from the market perspective. There is a near consensus now that India will be an outperformer in the deteriorating global growth environment. So, FII inflows will be more country specific rather than emerging market oriented," said V K Vijayakumar, Chief Investment Strategist at .
Vijayakumar said the near-term market trend will be influenced by the observations of the Fed Chief Jerome Powell on Friday.
"If the Fed Chief sounds ultra-hawkish, that would be a dampener for markets. On the other hand if he sounds optimistic on the growth front and on containing inflation that would be a bullish message," he said.
Earlier today, major Asian hubs were trading in the red after modest falls on Wall Street, with all eyes on a meeting of central bankers in Jackson Hole, Wyoming.
MSCI's index of Asia-Pacific shares outside Japan was trading 0.24 per cent lower.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
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