Nifty FMCG is the top performing sector index, up over 2%.
Market update at 11am: The benchmark indices NSE Nifty 50 and S&P BSE Sensex are trading mixed as strong buying in FMCG and IT stocks is offset by profit taking in metals, media and Adani Group. There is strong buying sentiment across small caps, with the Nifty Smallcap up nearly a percent. Nifty Midcap is up a quarter percent.
Nifty FMCG is the top performing sector index, up over 2%.
About 1217 stocks rose against 716 stocks that fell, thus demonstrating positive market breadth.
ITC, Britannia and Infosys are the top Nifty 50 stock gainers, while Adani Enterprises, HDFC Life Insurance Company and UPL are weak today.
Following the exit of Adani Enterprises FPO, Adani Group shares are under severe selling pressure.
Market update at 9:30 am: The index has remained flat amid high volatility. The NSE Nift 50 Index is trading at the 17,600 level, with strong buying interest in mid and small caps.
Adani shares plummeted following the withdrawal of the FPO issuance. IT and media stocks are the top performers on the stock exchange. India’s VIX fell more than 2%.
Premarket update: After the US FOMC decided to slow the pace of rate hikes to 25 basis points, the Wall Street index rallied, with rates between 4.50 and 4.75%. The chairman of the US Federal Reserve said the Fed remains committed to fighting inflation and has done a commendable job in bringing inflation down. Tech-heavy Nasdaq is down 2% The Dow Jones Industrial Average finished flat in a volatile trading session. This has led most Asian markets to open trading in different ways, with SGX Nifty trending showing his 100 point loss.
Adani Group decided to discontinue FPO and return funds to investors after Adani Enterprises share price exceeded Rs 1,200 from FPO price. Adani shares plunged as much as 35% of him in Wednesday’s trading session.
Leading companies including HDFC, Titan company and Tata consumer products are expected to announce results today.
In the last trading session, both FII and DII turned out to be net buyers, buying shares worth Rs.178.5 billion and Rs.52.9 billion respectively.
