Sensex Down 138 Points, Nifty Holds On To 12700 Levels; M&M Top Gainer

Benchmark indices after recording gains for eight consecutive session in line with losses on the SGX Nifty have opened lower. At 9:16 am, Nifty was trading weak at 12704, down 0.35%, while Sensex was at 43452, down 0.32% or 138 points.

Sensex Down 138 Points, Nifty Holds On To 12700 Levels; M&M Top Gainer

The key watch out that will direct the market's trajectory today will be media reports concerning release of a fresh stimulus by the centre before Diwali. Also, at the same time, RBI Bulletin has been positive on the Indian economy and expects it to recover by Q3FY21.

In the early trade, top gainers on the Nifty are M&M, Hindalco, Shree Cements, Titan Company and Infosys while laggards include Coal India, HDFC, Kotak Mahindra Bank, IndusInd Bank and SBI.

Airline stocks have been trading in the green as the government allowed them to function with 70% of the pre-Covid capacity. Indigo, Spicejet shares rallied between 1-3%. In the previous session, Spicejet's loss narrowed y-o-y to Rs. 105.6 crore from Rs. 461.2 crore.

Shree Cement share price gained 2% also after the company reported a sharp jump in its Q2 profit to Rs. 547 against Rs. 309 crore, also revenue at the firm increased YoY to Rs. 3022 crore from Rs. 2801 crore.

Meanwhile, Asian markets were mixed in trade today with Japan's Nikkei adding to previous gains by as much as 0.43%, while other indices such as Singapore's Straits Times and Hong Kong's Hang Seng were trading lower.

In the previous session, FIIs net bought shares worth Rs. 6207 crore while DIIs sold shares worth Rs. 3463.86 crore in the Indian capital markets.

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