Sensex gains 158 points to open at 65,044; Nifty in green at 19,322 - Hindustan Times
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Sensex gains 158 points to open at 65,044; Nifty in green at 19,322

Reuters | | Posted by Nisha Anand
Aug 28, 2023 09:23 AM IST

Sensex gains 158 points to open at 65,044; Nifty in green at 19,322

Indian shares were marginally higher on Monday as gains in Reliance Industries ahead of its annual general meeting and in key sectors outweighed a drop in IT stocks on U.S. rate concerns.

Pedestrians walk past the Bombay Stock Exchange (BSE) building, in Mumbai, Thursday.(PTI)
Pedestrians walk past the Bombay Stock Exchange (BSE) building, in Mumbai, Thursday.(PTI)

The Nifty 50 index was up 0.25% at 19,322 at 10:33 a.m. IST, while the S&P BSE Sensex rose 0.19% to 65,044.

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The more domestically focussed mid-caps and small-caps outperformed the blue-chips, rising over 0.4% each.

Eleven of the 13 major sectors were higher. Metal stocks gained 0.6% after China, the largest producer and consumer of metals, approved guidelines to support its property sector.

Also helping lift the market was Reliance Industries, which rose over 0.5% ahead of its annual general meeting. The oil-to-telecom conglomerate had lost 3.46% last week.

While Asian stocks rose over 1% on Beijing's broad efforts to support its markets and economy, India's gains were subdued after Federal Reserve Chair Jerome Powell, on Friday, reiterated the central bank would make all efforts to tackle inflation. [MKTS/GLOB]

The heavyweight IT stocks dropped 0.3% on the likelihood of prolonged high U.S. rates. IT companies earn a significant share of their revenue from the country.

"Sectors closely tied to the U.S. economy, like IT and pharma, are likely to experience increased volatility, while domestic-linked mid-caps and small-caps are likely to demonstrate resilience," said Vinod Nair, head of research at Geojit Financial Services.

Rice exporters like KRBL, Chaman Lal Setia lost between 3% and 6% after the government imposed a 20% duty on exports of parboiled rice.

On the technical front, the short-term market structure remains negative, said Shrikant Chouhan, head of research (retail) at Kotak Securities.

"If the Nifty 50 slips below 19,230, then selling pressure is likely to intensify."

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