Benchmark indices opened mildly higher today, led by gains in IT stocks. Sensex rose 50 points to 58,891 and Nifty gained 26 points to 17,556. Market cap of BSE-listed firms stood at Rs 279.85 lakh crore today. UltraTech Cement, Asian Paints, Dr Reddy's, Titan, and Maruti were the top Sensex losers, falling up to 2.5 per cent. Bajaj Finserv, Infosys and Axis Bank emerged as the top gainers, rising up to 1.38 per cent.
BSE midcap and smallcap indices fell 125 points and 5 points, respectively. IT shares were the top sectoral gainers with their BSE index rising 202 points to 27,520. Consumer durables shares and healthcare indices were the top losers falling 524 pts and 280 pts, respectively.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said,"The near term texture of the market has turned weak and the buy on dips strategy is unlikely to work in the present risk-off global environment. FIIs turning sellers is a short-term negative. The market is likely to take a decisive trend only after the Fed policy announcement on 21st September. The market expects the Fed to raise rates by 75bp and reiterate its hawkish stance. But since the market is going into the event with light positions and no positive expectations any positive data or comment may act as a trigger for a relief rally after the Fed announcement."
Market breadth was negative with 1,334 stocks trading higher against 1,442 stocks falling on BSE. 128 shares were unchanged.
Foreign institutional investors remained net sellers on Friday as they sold shares worth Rs 3,260 crore, as per exchange data.
Benchmark indices ended lower for the third straight session led by weak global cues. Sensex and Nifty fell nearly 2 per cent each to end the week in the red. Sensex tanked 1,093.22 points to close at 58,840.79. During the day, it tumbled 1,246.84 points or 2 per cent to 58,687.17. Nifty declined 346.55 points or 1.94 per cent to close at 17,530.85.
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