Today’s market: The main stock indices on the Bahrain Stock Exchange and the National Stock Exchange (NSE) opened with marginal gains on Wednesday.
At 9:29 am, the S&P BSE Sensex Index rose 91.03 points (0.16 percent) to 58,227.39 while the Nifty 50 Index traded at 17,362.90, up 17.45 points (0.10 percent).
On the Sensex package, Bharti Airtel, Power Grid Corporation of India, HUL, NTPC, Asian Paints and RIL were among the top gainers in early trades while Kotak Mahindra Bank, M&M, Maruti Suzuki India, IndusInd Bank and Nestle India were the top gainers. .
FIIs turned to buyers, coverage of short positions by speculators and active retail participation, leading to a 14 percent rebound in Nifty from June lows. This has pushed the market into overbought territory but continued FII buying may lend flexibility to the market. However, investors should be careful as slowing global growth is dangerous and could affect exports from emerging markets such as India. This is already evident in the July trade data. In addition, the new tensions arising from Nancy Peluses’ visit to Taiwan and China’s sharp reaction to it have emerged as a nuisance. Therefore, investors should be careful. VK Vijayakumar, chief investment strategist at Geojit Financial Services, said in a note.
Global Markets (from AP)
Asian stock markets rose on Wednesday as traders awaited signs of trade disruption due to US-China tensions over a US lawmaker’s visit to Taiwan.
Shanghai, Hong Kong, Tokyo and Seoul advanced after Beijing announced a ban on imports of some Taiwanese goods but did not impose immediate major sanctions after the arrival of US House Speaker Nancy Pelosi. The mainland’s ruling Communist Party claims that Taiwan is part of its territory and rejects any foreign official contact with the island’s self-governing democracy.
The Shanghai Composite Index rose 0.4 percent to 3,198.38 and the Nikkei 225 index in Tokyo rose 0.5 percent to 27,740.97. Hong Kong’s Hang Seng rose 0.2 percent to 19726.73. Taiwan’s Taiex shares fell 0.2 percent to 14,724.51 after Beijing announced a ban on citrus and some fish from Taiwan to express its displeasure with Pelosi’s visit. The Kospi index in Seoul advanced 0.5 per cent to 2452.91 while the S&P-ASX 200 index in Sydney fell 0.4 per cent to 6,969.90.
Wall Street’s benchmark S&P 500 lost 0.7 percent on Tuesday after the Labor Department said US employers posted fewer jobs than expected in June after raising interest rates to cool high inflation.