Market opens with minor gains, Sensex on a flat note
Equity benchmark Sensex opened on Wednesday (June 9, 2021) with minor gains while Nifty was at a positive bias, mirroring global cues. The 30-share BSE Sensex was up 61.09 points to 52,336.66 in the opening session. Similarly, the broader NSE Nifty opened 16.85 points higher to 15,756.95.
Sectoral trends showed that Nifty Auto, FMCG, and IT were gaining, while Nifty Bank and Fin Service were in the red. On Sensex, index majors ONGC, Infosys, and HCL Technologies were among the top gainers, while Kotak Mahindra Bank, ICICI Bank, and Ultratech Cement were among the laggards. The broader benchmarks were in general seen to be outperforming benchmarks.
Equity benchmarks Sensex and Nifty had ended marginally lower in the closing session on Tuesday following losses in index majors HDFC twins, Reliance Industries, and ICICI Bank amid a weak trend in Asian markets. This comes amid concerns around rising global inflation and high valuations in the domestic market outweighed optimism around India's declining Covid-19 cases.
Investors are uneasy about high valuations in the home market, while they looked to key central bank meetings for clues on the direction of the world economy, news agency Reuters cited analysts as saying.
US inflation data is due later this week and will be closely watched for clarity on tapering of policy support from the Federal Reserve. The European Central Bank is also set to meet later in the week. Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo, and Hong Kong ended in the red in the last session.