Barring financial names, all sectoral indices are trading around the flat line, but energy, FMCG and metal names are trading higher.
Market Update: After days of strong starts, the market has taken a slight breather today as equity benchmarks have kicked off August on a flat note. Having said that, both Sensex and Nifty have managed to hit record highs in the opening minutes. The 50-share index is trading well above 11,350-mark.
Barring financial names, all sectoral indices are trading around the flat line, but energy, FMCG and metal names are in the green. The midcap index, too, is up over one-third of a percent.
Among stocks, Tata Motors is one of the biggest losers after its Q1 results showed a net loss. The stock is down over 3 percent now. Bajaj Auto is up around 2 percent following healthy sales for July as well. Other gainers include OMCs such as IOC and BPCL on the back of falling crude oil prices.
Bajaj Auto sales: Bajaj Auto has reported 30 percent jump in auto sales for July at 4 lakh units against 3.1 lakh units it sold last year.
- Domestic sales have risen 27 percent at 2.37 lakh units against 1.86 lakh units year on year.
- Exports, meanwhile, have risen 34 percent at 1.63 lakh units against 1.21 lakh units.
- Three-wheeler sales have jumped 59 percent to 67,663 units against 42,545 units year on year.
- Motorcycle sales rose 25 percent at 3.32 lakh units against 2.65 lakh units (YoY).
Escorts July sales: Tractor maker Escorts has reported a jump of 3.5 percent in its sales for July at 5,610 units against 5,418 units during the same quarter of last year. Its domestic sales have risen 4 percent at 5,483 units against 5,275 units year on year.
Market Opens: Equity benchmarks have started the month on a flat note, but the Nifty has hit another record high of 11,371 in the opening minutes. Investors could be watchful of the outcome of RBI MPC’s meeting outcome later in the day
The Sensex is currently higher by 24.41 points or 0.06% at 37630.99, while the Nifty is up 12.40 points or 0.11% at 11368.90. The market breadth is positive as 372 shares advanced, against a decline of 117 shares, while 57 shares are unchanged.
All sectoral indices are trading in the green, with maximum gains seen among metals, PSU banks as well as energy names. The midcap index is also up over half a percent.
Among global markets, Asian shares rose, following gains on Wall Street, as a report of attempts to renew talks between the United States and China eased trade war fears, but investors will be keeping a close eye on data due today.
In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 percent in early trade, while Japan's Nikkei stock index gained 0.5 percent. S&P E-mini futures were up a hair at 2818.
Meanwhile, US stocks rebounded, boosted by gains in industrial shares following reports of renewed trade negotiations between the United States and China.
The Dow Jones Industrial Average rose 108.36 points, or 0.43 percent, to 25,415.19, the S&P 500 gained 13.69 points, or 0.49 percent, to 2,816.29 and the Nasdaq Composite added 41.79 points, or 0.55 percent, to 7,671.79.
Rupee opens: The Indian rupee opened flat at 68.55 per dollar on Wednesday versus 68.54 yesterday.
The dollar-rupee August contract on the NSE was at 68.79 in the previous session. August contract open interest declined 3.67 percent in the previous day, said ICICIdirect.
We expect the USD-INR to meet supply pressure at higher levels. Utilise upsides in the pair to initiate short positions, it added.
Market at pre-open: Equity benchmarks are off to a positive start on Wednesday morning in pre-opening rates, with the Nifty hovering above 11,350-mark. The Sensex is nearing 37,700 as well.
At 09:01 hrs IST, the Sensex is up 90.49 points or 0.24% at 37697.07, and the Nifty up 14.20 points or 0.13% at 11370.70.
Shares of RIL are trading higher, while oil marketing companies are trading in the green too. Tata Motors is likely to be lower post Q1 results.
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