August 12, 2022
Stock Market Today: Stock market opened with strength, Sensex and Nifty increased

Stock Market Update Today: Indian benchmark indices started the trading day on a positive note with all eyes on rising tensions between the US and China. Despite mixed global cues, the Indian stock market opened strongly on the BSE. Frontline index Nifty-50 rose 33 points above 17,350 level and S&P BSE Sensex rose 100 points to 58,245 level. While Eicher Motors, JSW Steel and Cipla were the top contributors to the 50-pack index; Bharti Airtel, Reliance and Tata Steel were the top contributors to the S&P BSE Sensex. In the opening session, about 1208 shares rose, 731 shares declined and 102 shares remained unchanged.

Bharti Airtel, Eicher Motors, JSW Steel, Cipla and Power Grid Corp were the major gainers on the Nifty, while Kotak Mahindra Bank, Coal India, Maruti Suzuki, Tata Motors and M&M were the major losers. Among individual stocks, Adani Transmission shares hit a 52-week high of Rs 3,528 per share ahead of June quarter results. Also, shares of Subex rose 20 per cent to Rs 33 per share after Reliance Jio Platforms announced a partnership with its AI orchestration platform, Hypersense. The Indian rupee opened marginally higher at 78.67 per dollar on Wednesday, which closed at 78.71 on Tuesday.

On the other hand, despite a fall in the US markets, strong cues from the Asian market is expected to help the key benchmarks move forward in early trade on Wednesday. Nifty is likely to trade on the front foot amid renewed hopes in the backdrop of foreign investors’ return to Indian equities. FIIs had bought equity worth Rs 825 crore on Tuesday. Technically, the biggest intraday make-or-break support for Nifty is being seen at 17189 points. While the gap between 2-year and 10-year note US bond yields is the largest in two decades, tensions between the US and China over Taiwan are the latest concern for stock markets around the world.

Will keep an eye on them

Today ITC, Adani Power, Adani Wilmar, Godrej Consumer Products, Gujarat Gas, Vodafone India and BASF India will be in focus as they announce their June quarter earnings today. Apart from this, today Lupine, InterGlobe Aviation, Aditya Birla Capital, Adani Transmission, BASF India, Birlasoft, Chambal Fertilizers, Devyani International, Firstsource Solutions, Gujarat Gas, Inox Leisure, KEC International, Paras Defense and Space Technologies, PI Industries, Sandhar Technologies, Satin Creditcare Network, Specialty Restaurants, Tata Coffee and Zuari Agro Chemicals will announce their June quarter earnings.

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