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Opening Bell: Bank, financial services, PSU stocks help Nifty top 16,200

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Opening Bell: Bank, financial services, PSU stocks help Nifty top 16,200

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Sensex, Nifty opened on a positive note on Wednesday with Nifty around 16,200 amid muted global sentiments. The markets may also continue to exhibit volatility a day ahead of the monthly F&O expiry. Sugar stocks will also be in focus after the government on Tuesday restricted exports to around 10 million tonnes for the year ending September.

Opening Bell: Bank, financial services, PSU stocks help Nifty top 16,200
Indian equity benchmark indices opened on a positive note on Wednesday with Nifty around 16,200 amid muted global sentiments. The markets may also continue to exhibit volatility a day ahead of the monthly F&O expiry.
At 09:16 am, the 30-scrip Sensex was up 287.85 points or 0.53 percent at 54,340.46, and the broader Nifty was up 88.70 points or 0.55 percent at 16,213.90.
About 1,178 shares have advanced, 459 shares declined, and 81 shares are unchanged.
IndusInd Bank, ONGC, NTPC, Hindalco, Coal India were the top index gainers, while Asian Paints, TCS, Wipro, Infosys, and Tech M were the top losers.
The broader markets also opened in green. The BSE MidCap and SmallCap indices rose up to 0.4 percent.
Amid the sectoral indices, Nifty bank, PSBs, financials and private bank gained 1 percent each. Nifty IT slipped 1.5 percent tracking Nasdaq's losses on Tuesday.
Sugar stocks will also be in focus after the government on Tuesday restricted exports to around 10 million tonnes for the year ending September.
In the primary market, Aether Industries’ IPO received a 33 percent subscription on the first day of booking. The retail investors’ category was subscribed 42 percent, followed by qualified institutional buyers (QIB) at 36 percent.
Global Markets
Asian markets were muted this morning. Nikkei fell 0.2 percent, Hang Seng opened flat, Kospi and S&P/ASX 200 gained 0.8 percent each. Shanghai Composite and Shenzhen Composite shed 2-3 percent. Strait Times was flat.
Brent Crude and WTI added around a per cent each in morning deals, trading at $114.6 and $111 a barrel, respectively.
In the US, tech shares sank as Snap Inc warned of missing growth estimates. The stock plunged 43 percent and dragged Nasdaq 2.4 percent lower. The S&P 500 shed 0.8 percent, and the Dow came off lows closing 0.2 percent up.
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