Indices are slowly but steady
BBN Bureau
Mumbai: After a galloping start on the first day of the fiscal 2024-25, the Indian Stock Market entered a slow track on the second day (Tuesday). The market opened on a quiet note on the day.
The S&P BSE Sensex opened almost unchanged at 74,022 and soon dropped to a low of 73,793. However, Sensex regained its pace later and added 50 points at the 74.080 level. On the other hand, the NSE Nifty 50 was seen inching towards the 22,500 mark.
Among the Sensex 50 share basket, Wipro, ICICI Bank, Bajaj Finance, Mahindra & Mahindra are notable losers, while Nestle and NTPC are moving up, though slowly.
In the border markets, the BSE MidCap index advanced 0.5 per cent, and SmallCap added 0.7 per cent.
Among individual stocks, Aditya Birla Fashion and Retail (ABFRL) hit the 10 per cent upper limit at Rs233 after the company asked its management to evaluate the vertical demerger of the Madura Fashion & Lifestyle (MFL) business into a separately delisted company.
Overnight, the US market ended mostly lower as hopes of an early rate cut suffered a fresh jolt after data showed that the US manufacturing sector grew for the first time since September 2022. A stronger US economy may not warrant a rate cut soon, believes analysts. Dow Jones slipped 0.6 per cent, the S&P 500 0.2 per cent while Nasdaq, however, added 0.3 per cent. Meanwhile, the US 10-year bond yield jumped back above 4.30 per cent.
Among the Asian peers, Taiwan jumped 1 per cent, while Nikkei and Kospi held marginal gains, while Chinese indices were in the red.
