Stock Market Live: GIFT Nifty Indicates Muted Open, Asian Stocks Set For Gains
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GIFT Nifty Trading Near 25,000
The GIFT Nifty was trading near 25,000 early Tuesday. The futures contract based on the benchmark Nifty 50 was trading 0.05% higher at 24,700 as of 6:32 a.m. indicating a stable start for the Indian markets.
Top Stocks in Focus
In trade so far, the counters that are buzzing in terms of volume are Bharat Electronics Ltd., Reliance, and Tata Motors.
BEL is trading about 1% higher at Rs 404.35 apiece on the NSE, while Tata Motors was down 0.52% trading at Rs 669. While the share price of RIL declined nearly 1% at Rs 1,364 as of 11:01 a.m.
Sectoral Movements
Zooming out, to the sectoral movements, Nifty PSU Bank marked the most gains as of 10:30 a.m. While Nifty Metal, Defence and IT were also sectors trading in the green.
Sectors like Nifty Media, Realty, FMCG and Consumption were trading in the red, marking over 1% decline.
IPO Updates
Shares of Jaro Institute of Technology Management & Research Ltd. fell over 10% after making an underwhelming debut on the stock market on Tuesday. The scrip opened flat at Rs 890 apiece on NSE and BSE, same as the IPO offer. The stock then fell 14%.
Anand Rathi Share & Stock Brokers Ltd. shares made a muted debut on the stock market on Tuesday, listing at a premium of just 4% over the IPO price. The share price opened at Rs 432 on the NSE and Rs 432.1 on the BSE, compared to the issue price of Rs 414.
Tata Motors Demerger
Tata Motors Ltd.’s share price opened 0.36% lower after the company in an analyst meet announced that the record date for the demerger of its Commercial Vehicles business is slated for mid-October and listing is to be expected in November.
The demerger takes effect from Wednesday, October 1. Post the analyst meet, brokerages held mixed opinions on the company.
Investor Sentiment
Indian investors and traders are advised to stay cautious and keep a close eye on the market movements. With the earnings season around the corner, investor sentiment is expected to be driven by the Q1 results of major companies.
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