Indian Stock Market Sees Early Gains

12 Sep 2023 , 01:38 PM

The Indian stock market started the day with promising gains on Tuesday, but losses in the energy, metals, and auto sectors soon eclipsed these. Investors turned their attention to the release of retail inflation data for August later in the day.

Sensex and Nifty had both climbed by over 0.5% in the early session, with Nifty achieving a fresh record high for the second consecutive day. At the time of writing, Sensex was trading at Rs 67,211, Whereas nifty was trading at Rs 19,995.

Top gainers are Larsen (2.96%), TCS (2.42%), Divis Labs (1.57%), and Grasim (1.53%). Top Losers are BHEL (-7.29%), REC (-6.91%), Bharat Elec (-6-57%), and Power Finance (-6.53%).

In contrast to their recent strong performance, small-cap and mid-cap stocks experienced declines of 4% and 2.7%, respectively, reflecting a shift in investor sentiment.

Among the major indices, eleven out of thirteen registered losses. The oil and gas sector hit a 2% decline, driven by more than a 3% fall in stocks like Bharat Petroleum Corporation, Hindustan Petroleum Corp, and Indian Oil Corporation. These losses can be attributed to concerns over rising oil prices, which have surged above $90 per barrel recently due to output cuts by Saudi Arabia and Russia.

For countries like India, where crude oil imports constitute a substantial part of the import bill, higher oil prices raise inflation concerns. On the brighter side, the IT sector posted a 0.3% gain, taking cues from a tech stock rally on Wall Street. Meanwhile, the pharma sector rose by 0.72%, driven by a more than 2% surge in Lupin shares.

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