Opening Bell: Sensex, Nifty Start Flat Amid Global Uncertainty
Equity benchmarks Sensex and Nifty opened little higher on Wednesday amid mixed global cues. In early trade, Sensex gained 7.11 points to 65,787.37, and Nifty added 1.40 points to reach 19,576.30.
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NBCC (India) Shares Rally Over 3% On MoU For Kerala Project Worth Rs 2,000 Crore
Shares of NBCC (India) Ltd were trading 3.10 per cent higher at Rs 61.55 on Wednesday morning trade. The company had signed a Memorandum of Understanding (MoU) with Kerala State Housing Board (KSHB) for development of 17.9 acres land parcel of Kerala State Housing Board at Marine Derive, Kochi, Kerala. In the opening trade, the stock surged 6 per cent to hit its 52-week high of Rs 63.65.
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Jupiter Life Line Hospitals IPO Opens For Subscription
Jupiter Life Line Hospitals IPO was subscribed 0.17 times as of 11:00 AM on Wednesday. The public issue is subscribed 0.27 times in the retail investors’ category, 0.00 times in qualified institutional buyers (QIB), and 0.16 times in the net institutional investors (NII) category.
Vinod Nair, Head of Research At Geojit Financial Services On Mid And Smallcaps Valuation
"We believe that the valuation of Mid & Smallcaps remains appealing when compared to the trends of the past seven years. Specifically, Smallcaps appear to be even more attractive than Midcaps in the current scenario. However, considering the overall market consolidation, it's not an ideal environment for investing in high-risk categories, leading to mixed opinions. Our view is that India is now more of a stock to sector play. We anticipate that the category as a whole will outperform in the medium to long term. Although there has been strong performance in the short term by Mid & Smallcaps, sustaining this in the near term may pose a challenge."
Sugar Stocks Jump Up To 10% Amid Fears Of Production Shortage
Sugar stocks surged as much as 10 per cent on Wednesday amid concerns over a deficient monsoon in growing areas. Dalmia Sugar stock surged 6.5 per cent to Rs 431.7 on the NSE, Uttam Sugar Mills was up 9.24 per cent at Rs 436.70, Balrampur Chini Mills was up 2.21 per cent, Bajaj Hindusthan Sugar was up 3.70 per cent and EID Parry share price was up 6.15 per cent.
Indian Rupee Falls To Fresh 10-Month Low
The Indian currency slipped to the lowest mark in more than 10 months, following broad losses on Asian peers and on oil price worries. The rupee dropped to 83.18 against the US dollar from Rs 83.04 in the previous session. Asian currencies fell following a further rise in US Treasury yields.
The 10-year US yields rose to 4.26 per cent amid anticipation that the US Federal Reserve will hold higher rates for longer.
