Sensex and NIFTY Continue Uptrend at Trade Open; Stocks to Watch
BSE SENDEX opened slightly higher at 61,156.89 points on Wednesday against its previous close of 61,121.35 points on Tuesday. The broader NIFTY 50 index also opened slightly higher at 18,177 from its previous close at 18,145. Despite a positive start, the 30-stock BSE Sensex failed to hold its gains and then fell. by 140.5 points to 60,980.85. The broader NSE Nifty fell 36 points to 18,109.40.
Reliance Industries, considered one of the most successful and reliable companies, posted a daily decline of 0.40%. Stocks that are doing well belong to the media and metals sectors, with the automotive and information technology sectors having opened in the red. Despite the relatively bullish open, volatility seems to be the norm for the day.
Karnataka Bank’s record profit of 228% helped its stock open 17% higher today, a 52-week high. In contrast, LIC Housing fell 10%. On the other hand, apprehensions run high as Tech Mahindra’s second quarter net profit fell 4%. And in its worst fall in more than two years, LIC Housing lost 10% of its value on a marginal decline in net interest income for the quarter of 80 basis points to Rs 1,163 crore from Rs 1,173 crore.
Other key stocks to watch today are Adani Ports and Special Economic Zone, which saw a nice boost in consolidated earnings. In the futures and options segment, NTPC climbed 5% to Rs 182, the highest since December 2009.
Brokerage firms advise to buy Nykaa shares at the end of its blocking period. Grasim, ONGC and Tata Motors are among the stocks that expert investors advise buying.
The benchmark BSE index climbed 374.76 points or 0.62% to settle at 61,121.35 on Tuesday. The Nifty advanced 133.20 points or 0.74% to end at 18,145.40. The international oil benchmark, Brent, was trading up 1.26% at $95.84 a barrel. Foreign institutional investors (FIIs) were net buyers on Tuesday as they bought shares worth Rs 2,609.94 crore, according to exchange data.