Indian stocks rise marginally at opening bell Wednesday
Nov 22, 2023
New Delhi [India], November 22 : Indian stock indices were in the green, though marginally, at the opening bell Wednesday. The upside was likely limited due to overnight losses in the global benchmark US market.
At 9:35 am, the Sensex and Nifty indices in India were around 0.1 per cent higher each from their previous closing. The movement in sectoral indices was mixed this morning, with Nifty Media the top mover and Nifty Realty the top loser.
Among the Nifty 50 stocks which are widely tracked, 33 advanced, 16 declined, and one steady. BPCL, Cipla, Dr Reddys, HDFC Life, and Power Grid Corporation of India were the top five gainers. Hindalco, Kotak Mahindra Bank, Adani Enterprises, ICICI Bank, and TCS were the top five laggards in early trade.
"Today the focus of the market will be on the opening of the four IPOs. A lot of money is likely to go into the high-quality Tata Technology IPO. Investors can continue to accumulate high-quality large-caps, particularly in banking and autos where the margin of safety is high," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
This week will also see several IPOs up for subscription in the Indian stock exchanges. Reportedly, Tata Technologies, Indian Renewable Energy Development Agency (IREDA), Fedbank Financial Services, Flair Writing Industries, and Gandhar Oil Refinery shares will be up for subscription.
"Overall we expect the market to continue to trade in a broader range with a positive bias," said Siddhartha Khemka, Head - of Retail Research, Motilal Oswal Financial Services Ltd.
Meanwhile, the widely awaited minutes of the latest US Fed monetary policy review meeting revealed that the participants in the US were of the view that further tightening of monetary policy would be appropriate if incoming information indicated that progress toward the US Federal Reserve's inflation objective was "insufficient".
The minutes revealed on Tuesday local time noted that the participants expected that the data arriving in the coming months would help clarify the extent to which the disinflation process was continuing, aggregate demand, and labour market fundamentals. US Federal Reserve's commitment has been to bring down consumer inflation to its target of 2 per cent, which is currently at 3.2 per cent.
