Indian stock markets rose slightly in the early hours of Wednesday. The S&P BSE Sensex opened 54 points higher at 35,543.89. At the same time, the NSE’s index Nifty50 opened 16 points higher at 10,785.50. The top gainers among Sensex stocks are TCS (1.76 percent), Infosys (1.18 perent) and Wipro (0.74 percent). The top laggards are ICICI Bank (0.97 percent), Axis Bank (1.18 percent) and NTPC (1.96 percent).
Among sectoral indices, the BSE IT index posted maximum gains in the morning trade. The BSE IT index was higher by 1.21 percent and BSE Teck index fell by 1.04 percent. The BSE utilities index fell by 1.11 percent and BSE metal index fell by 0.73 percent. Sustained buying by domestic institutional investors (DIIs) and short-covering of outstanding positions by speculators ahead of Thursday’s June series expiry in the derivatives segment also supported the uptrend. Domestic institutional investors (DIIs) bought shares Rs. 238.05 crore, while foreign portfolio investors (FPIs) sold shares worth Rs. 538.40 crore yesterday, as per provisional data, reported Press Trust of India.
Today is the second day of Varroc Engineering’s IPO. On the first day of public issue, the IPO on Tuesday garnered 33 percent of bids out of the total number of 1,41,85,212, as per the National Stock Exchange (NSE) data.
Asian share markets were under pressure on Wednesday as weakness in Chinese stocks and the yuan weighed on sentiment in the region, while oil climbed as the United States pressured allies to stop buying Iranian crude, reported Thomson Reuters.
MSCI’s broadest index of Asia-Pacific shares outside Japan lost another 0.3 percent after touching a two-year trough on Tuesday.
Chinese blue chips eased 0.4 percent to be a whisker above 13-month lows as a settlement of Sino-U.S. tensions remained a distant prospect.
On Tuesday, however, the S&P BSE Sensex closed 19.69 points, or 0.06 per cent, higher to close at 35,490.04. The NSE’s Nifty50 index also rose 6.70 points or 0.06 per cent and settled at 10,769.15.
At the same time, Indian rupee was under severe pressure on Tuesday. The Indian rupee continued its downward movement against the US dollar as it weakened by 11 paise to close at 68.24 against the greenback. Increased demand for the American currency put pressure on the rupee, according to market observers. At 68.24, the rupee registered a new one-week low against the US dollar.