Market Mixed Bag: Indian Indices Hold Steady Amid Global Shifts

The Indian equity market opened flat with indices showing minor fluctuations. Top gainers and laggards in key stocks led the initial session, while global markets witnessed rallies and falls. Experts predict cautious optimism amidst global economic distress.

The Indian equity market started flat on Tuesday, with the NSE Nifty 50 slightly down by 7.10 points at 25,034 and the BSE Sensex marginally up by 6.83 points to 81,928.12. By the end of the day, the domestic indices closed positively, with Nifty 50 crossing the 25,000 mark.

Within the National Stock Exchange (NSE), top-performing stocks included Asian Paints, Bajaj Auto, Tata Consumer, Bharat Petroleum Corporation Ltd., and Sun Pharma. Conversely, Tata Motors, ONGC, Hero Motocorp, Hindalco, and HDFC Life Insurance were lagging during the early trading session. Sector-wise, only FMCG, Pharma, PSU Banks, and Healthcare opened in green; all other sectors were in red.

On the global front, US stocks showed a back-to-back rally following a three-week decline, even as major banks saw a sell-off. JPMorgan led the decline by dropping 5.2%, followed by other financial giants such as Goldman Sachs and Citigroup. Anticipation surrounds the upcoming US CPI data release and potential rate cut decisions. Ajay Bagga, a market and banking expert, suggests the possibility of a 0.25% rate cut. Meanwhile, Asian markets were significantly influenced by the Bank of Japan's stance on possible rate hikes.

Foreign institutional investors (FIIs) net purchased shares worth Rs 2,208.23 crore, while domestic institutional investors (DIIs) net sold shares amounting to Rs 275.37 crore on September 10, 2024, according to NSE's provisional data. In Asia, key indices such as Japan's Nikkei 225 and South Korea's Kospi saw declines, along with China's Shanghai Composite. US markets closed mixed, with the S&P 500 and the Nasdaq Composite gaining while the Dow Jones Industrial Average experienced a slight dip.

(With inputs from agencies.)