The domestic stock market opened in the green on the second trading day of the week. In early trade, the Sensex reached 81,050 and the Nifty reached 24,850. Infosys will consider a buyback, while a block deal is possible in Voltamp. Positive signals from American and Asian markets boosted the morale of domestic investors.
Stock Market Today: On Tuesday, the domestic stock market opened in the green for the second consecutive day. The BSE Sensex opened at 81,129.69 and the NSE Nifty at 24,864.10, and were trading at levels of 81,050 and 24,850 respectively in early trade. The market had also closed with a slight gain on Monday. Today's rally showed the impact of global cues, with strength seen in American and Asian markets. Meanwhile, Infosys will consider a share buyback on September 11, while a block deal is anticipated in Voltamp.
Sensex-Nifty Opening
On Tuesday, the BSE Sensex opened at 81,129.69 points, while the NSE Nifty commenced trading from the 24,864.10 level. Around 9:17 AM, the Sensex was trading at 81,050.28, up 262.98 points or 0.33 percent. The Nifty reached 24,850.35 points, up 77.20 points or 0.31 percent.
The market had also started in the green on Monday and ended the day with a marginal gain. The Sensex closed at 80,787.30 points, up 76.54 points, while the Nifty closed at 24,773.15, up 32.15 points.
Big Action Day in the Stock Market Today
IT major Infosys is preparing for a share buyback. The company's board will consider this at a meeting scheduled for September 11. Investors are keenly watching this decision. Infosys had previously conducted a buyback at Rs 1850 per share in 2022. Market experts believe that a new buyback will have a positive impact on the company's stock.
Voltamp Transformers shares may be in focus today. Reports suggest that promoter Kunjal Patel might sell around 7 percent stake. A floor price of Rs 7600 per share has been set for this deal. Investors are keeping a close watch on this block deal as it could impact the stock's movement.
Impact of US Markets
US markets witnessed strength on Monday. The Dow Jones closed up 114 points. The S&P 500 Index neared record highs. The Nasdaq also closed b, driven by gains in tech stocks. This vibrancy in US markets appears to be supporting domestic markets as well.
Investors are awaiting the US Federal Reserve meeting scheduled for September 17. It is anticipated that the Fed may cut interest rates by 0.25 percent. Expectations of a rate cut have increased following weaker job data. A decline in bond yields has also provided strength to the market.
On the international front, the political crisis in France is deepening. Prime Minister François Bayrou is set to resign after losing a vote of confidence in parliament. He received only 194 out of 364 votes. This is the second time in the past 12 months that a government has fallen in France. The political instability could also affect European markets.
Asian Market Performance
Asian markets are also trading with mixed trends today. GIFT Nifty was seen trading 52 points, or 0.21 percent, higher at 24,952. Japan's Nikkei was trading at 43,780, up 146.19 points or 0.33 percent.
Singapore's Straits Times was trading at 4,299.48, down 8.64 points or 0.20 percent. Hong Kong's Hang Seng reached 25,974, up 340.09 points or 1.33 percent. The Taiwan Index was also up 226.88 points or 0.92 percent at 24,771.68. South Korea's Kospi was up 24.70 points or 0.77 percent. The Shanghai Composite was trading at 3,828.68 points, with a slight gain of 2.73 points or 0.07 percent.
