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Sensex advanced 59 points or 0.10% to 58,339 and the Nifty 50 was quoting at 17,372 higher by 10 points or 0.06%.
Domestic benchmark indices opened flat with a positive bias on September 8 ahead of the outcome of the Union Cabinet’s meeting that is scheduled for later in the day. In opening trades, Sensex advanced 59 points or 0.10% to 58,339 and the Nifty 50 was quoting at 17,372 higher by 10 points or 0.06%.
“Stock market experts are a confused lot now. By all matrixes of valuations, markets are richly valued, even overvalued, and ripe for a correction. But unmindful of valuation concerns, the market-driven by liquidity and retail investor exuberance is setting record after records. India is one of the best-performing markets in the world. Consequently, valuations have become excessive. MSCI India is at an 80 percent premium to MSCI EM Index. In Warren Buffet’s famous words, “this is the time to be fearful” because greed is driving the market,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Corrections are imminent but we don’t know when that will happen. The spike in the 10-year US bond yield to around 1.36% is an indication that inflation may not be transitory as the Fed assumes. Traders may consider lightning positions and investors can book some profits and increase cash component in the portfolio. There are rumors of relief to the telecom industry. This may impart resilience to telecom stocks, Vijayakumar added.
Gainers & losers
Top gainers & losers on the Sensex.
Sectoral strand
Barring Nifty Auto all sectoral indices on the NSE opened in the green. Nifty FMCG, Nifty Realty, Nifty Metal, Nifty Bank, Nifty Pharma & Nifty IT indices were trading higher with gains of up to 0.25%.
Broader markets
The broader markets opened flat. The BSE Midcap was trading higher at 24,393 advanced 24 points or 0.10%. While the BSE Smallcap index rose marginally by 12 points or 0.05% to 27,362.
Market breadth was positive as 1,297 shares advanced compared to 680 declining whereas 107 remained unchanged.
Global markets
Overseas, Asian stocks are trading mixed on Wednesday trade, as data showed Japan’s economy grew faster than previous estimates.
Japan’s economy grew faster than initially estimated in the April-June quarter. Revised gross domestic product (GDP) data by the Cabinet Office released on Wednesday showed the economy grew an annualised 1.9% in April-June, from an initial estimate of a 1.3% expansion.
In US, the Dow Jones and S&P 500 fell on Tuesday, on concern that the delta coronavirus variant is slowing the economic recovery from the pandemic.