Share Market Today – Stock Market and Share Market Updates: Sensex rises nearly 100 points in early trade, Nifty above 17,350-mark

At 9:29 am, the S&P BSE Sensex was up 91.03 points (0.16 per cent) at 58,227.39 while the Nifty 50 was trading at 17,362.90, up 17.45 points (0.10 per cent).

On the Sensex pack, Bharti Airtel, Power Grid Corporation of India, HUL, NTPC, Asian Paints and RIL were among the top gainers in early deals while Kotak Mahindra Bank, M&M, Maruti Suzuki India, IndusInd Bank and Nestle India were the top laggards .

“FIIs turning buyers, short covering by the bears and active retail participation have led to 14 per cent recovery in Nifty from the June lows. This has pushed the market to overbought territory but continuation of FII buying may impart resilience to the market. However, investors should exercise caution since global growth slowdown is serious and this has the potential to impact exports from emerging markets like India. This is already visible in the July trade data. Additionally, the new tensions arising from Nancy Pelosis’s visit to Taiwan and China’s sharp reaction to that has emerged as an annoying. So, investors have to be cautious. After the deserved run up in financials, segments like automobiles, particularly the PV and CV space, capital goods and segments in FMCG are now attracting informed buying due to their improving prospects,” VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said in a note.

Global Markets (from AP)

Asian stock markets rose Wednesday as traders watched for signs trade might be disrupted by US-Chinese tensions over an American lawmaker’s visit to Taiwan.

Shanghai, Hong Kong, Tokyo and Seoul advanced after Beijing announced a ban on imports of some Taiwanese goods but no immediate major penalties following the arrival of Speaker Nancy Pelosi of the US House of Representatives. The mainland’s ruling Communist Party claims Taiwan as part of its territory and rejects foreign official contact with the self-ruled island democracy.

The Shanghai Composite Index gained 0.4 per cent to 3,198.38 and the Nikkei 225 in Tokyo rose 0.5 per cent to 27,740.97. The Hang Seng in Hong Kong added 0.2 per cent to 19,726.73. Taiwans Taiex shed 0.2 per cent to 14,724.51 after Beijing announced a ban on citrus and some fish from Taiwan to show its displeasure at Pelosi’s visit. The Kospi in Seoul advanced 0.5 per cent to 2,452.91 while Sydney’s S&P-ASX 200 shed 0.4 per cent to 6,969.90.

Wall Street’s benchmark S&P 500 index lost 0.7 per cent on Tuesday after the Labor Department said American employers posted fewer job opening than expected in June following interest rate hikes to cool surging inflation.