Opening Bell: Markets Trade Flat Despite Positive Global Cues; Sensex At 63,167.75, Nifty At 18,736.85

Opening Bell: Markets Trade Flat Despite Positive Global Cues; Sensex At 63,167.75, Nifty At 18,736.85

Tata Steel, Tata Motors, UltraTech Cement, Asian Paints and Titan were the top gainers in the morning session, whereas IndusInd Bank, Bharti Airtel, L&T, Infosys and Hindustan Unilever were among the losers.

FPJ Web DeskUpdated: Wednesday, June 14, 2023, 09:20 AM IST
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Opening Bell: Markets Trade Flat Despite Positive Global Cues; Sensex At 63,167.75, Nifty At 18,736.85 | Image: Wikipedia (Representative)

The markets on Wednesday morning were trading flat with Sensex at 63,167.75, up by 24.59 points and Nifty was at 18,736.85 with a gain of 20.70 points. Tata Steel, Tata Motors, UltraTech Cement, Asian Paints and Titan were the top gainers in the morning session, whereas IndusInd Bank, Bharti Airtel, L&T, Infosys and Hindustan Unilever were among the losers.

Cosmic CRF IPO

Cosmic CRF, the cold-rolled stainless section supplier, will open for subscription today with a price band at Rs 314-330 per share. The IPO offer will close on June 16, 2023 and the money will be utilised for expansion of existing manufacturing units, repaying debts and working capital requirement. The company through the IPO is looking to raise a little over Rs 60 crore through a public issue of 18.22 lakh equity shares.

Markets on Tuesday

Driven by gains made by FMCG and oil and gas firms, Sensex went up by 402 points to end the day at 63,127.35. Nifty closed above 18,720 points after a 0.64 per cent rise, even as auto stocks were pulled into the red.

Global markets

US stocks on Tuesday continued to gain with S&P 500 and Nasdaq reaching their highest close in the last 14 months. This gain came after data indicated the possibility of a pause in rate hike by the Federal Reserves.

Dow Jones Industrial Average added 0.43 per cent to 34,212.12, the S&P 500 rose by 0.69 per cent at 4,369.01 and Nasdaq closed at 13,573.32 up by 0.83 per cent.

The Asian stock markets on Wednesday were higher as the US inflation rose at a 4 per cent annual rate in the last month indicating a possible pause in rate hike. Japan's Nikkei 225 climbed 343.90 points at 33,362.55, Singapore's SGX Nifty was higher with a gain of 50 points at 18,835 and Hong Kong's Hang Seng was at 19,605.55 with a jump of 84.13 points. However, South Korea's KOSPI was relatively flat at 2,636.92 with a loss of 1.23 points.

Oil prices

Oil prices on Wednesday morning traded higher as industry data showed an unexpected rise in US crude stocks. This indicates weak demand and comes in addition to the worries regarding recession and disappointing Chinese economic data. Brent crude futures were up 27 cents at $74.01 per barrel and US West Texas Intermediate crude was at $69.13 per barrel with a loss of 29 cents.

Rupee

Indian rupee after opening flat for two consecutive days opened higher on Wednesday at 82.28 per dollar against Tuesday's close of 82.37.

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