Sensex, Nifty edge up in early trade

Equity benchmark indices Sensex and Nifty witnessed volatility in early trade on Thursday (August 31) and gained marginally as investors await firmer global cues and GDP numbers.

Economic reports from the US indicate a slowdown in growth which could mean that the US Federal Reserve might not go for aggressive rate hikes. US GDP rose 2.1 per cent in the second quarter of this year, lower than estimated earlier, according to analysts.

On Thursday, the 30-share Sensex rose 49.13 points or 0.08 per cent to 65,136.38 points, while the broader Nifty inched up 4.25 points or 0.02 per cent to 19,351.70 points.

The indices started off on a positive note, then declined and recouped lost ground to trade in the green.

The majority of Sensex stocks were in positive territory, with Jio Financial Services gaining 4.98 per cent, while Maruti Suzuki and Axis Bank rose more than 1 per cent.

In the Nifty pack, as many as 29 shares were trading in the green.

Asian markets witnessed mixed trends, with Japan gaining marginally while Hong Kong and China slipped.

On Wednesday, most of the European markets closed lower while the U.S. market ended in positive territory.

In a pre-market note, Vikas Jain, Senior Research Analyst at Reliance Securities, said the market will focus on August series F&O expiry and domestic Q1 GDP data to be release post market, among other data.

Brent crude futures were marginally down at $85.74 per barrel.

On Wednesday, Foreign Institutional Investors (FIIs) were net sellers of domestic equities as they offloaded shares worth ₹494.68 crore.