Sensex, Nifty Rise Tracking Global Peers As Trump-Biden Remain Neck-And-Neck
Indian equity markets opened with modest losses but soon recovered, tracking global peers, as Donald Trump and his Democratic challenger Joe Biden remain locked in a close race for U.S. presidency.
The S&P BSE Sensex opened 0.2%, or 90 points, lower at 40,171, while the NSE Nifty 50 index opened 0.3% lower at 11,783. But both benchmarks are up close to 0.7% as of 9:30 a.m.
The Nifty Bank, which had surged nearly 1,800 points in the last two sessions, is fluctuating. Kunal Rambhia of The Streets had told BloombergQuint on Tuesday that the range of 25,750-25,950 can be the best zone to go contra on the index.
Media, information technology and pharma stocks are the top performers in early trade. The Nifty IT and Nifty Media are up 1.5% each, while pharma index is trading with gains of 0.8%.
The Nifty Realty index extended its losses for the second day in a row, currently trading 0.6% lower.
Broader markets are moving in line with the benchmarks. The Nifty Midcap index is up 0.4%, while the small-cap index is up 0.5% in early trade.
Infosys is the top gainer on the Nifty 50, trading with gains of 3.3%. Of the 50 constituents, 30 are trading with gains. Power Grid, on the other hand, is the top laggard, down 2.2%.
Around 928 stocks on the NSE are trading with gains, while 684 stocks are declining, indicating that the market breadth is in favour of the advances.
State Bank of India, HPCL, Apollo Tyres, Balrampur Chini, JK Lakshmi Cement, Jyothy Labs, Jubilant Life, Pidilite and Petronet LNG, among others, may be in focus as they will report their second-quarter results today.