Mid-day updates: Sensex, Nifty edge higher; Tata Motors leads decliners 

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Indian stock markets continued their upward trajectory on Tuesday, with both the Sensex and Nifty posting modest gains by early afternoon trading. The BSE Sensex stood at 83,121.55, up 132.77 points or 0.16 per cent from its previous close, while the NSE Nifty50 reached 25,427.80, gaining 44.05 points or 0.17 per cent.

The positive sentiment was tempered by caution ahead of the U.S. Federal Reserve’s interest rate decision due Wednesday. Market participants are closely watching for potential rate cuts, with former New York Federal Reserve President William Dudley’s call for a half-point reduction fueling expectations.

Hero MotoCorp emerged as the top gainer on the NSE, surging 2.95 per cent, followed by Bajaj Auto (1.74 per cent), Britannia (1.54 per cent), Bharti Airtel (1.48 per cent), and Tech Mahindra (1.03 per cent). On the flip side, Tata Motors led the losers, dropping 2.45 per cent, with BPCL (-1.23 per cent), Eicher Motors (-1.20 per cent), Tata Steel (-0.95 per cent), and Power Grid (-0.92 per cent) also in the red.

The broader market showed a mixed picture, with 1,566 stocks advancing and 2,275 declining on the BSE. Notably, 267 stocks hit their 52-week highs, while only 18 touched their 52-week lows. The market also saw 292 stocks hitting the upper circuit and 200 hitting the lower circuit.

Sector-wise, the Nifty Bank index was up 0.20 per cent at 52,255.55, while the Nifty Financial Services index gained 0.10 per cent to reach 24,015.00. However, the Nifty Next 50 index showed weakness, declining 0.37 per cent to 75,187.50.

The technology sector garnered interest following Infosys’ encouraging results and guidance released overnight. Deepak Jasani, Head of Retail Research at HDFC Securities, noted the potential for improved sentiment towards tech stocks and the overall market.

As the trading day progresses, investors continue to monitor global cues, particularly the anticipated Fed rate decision, while also keeping an eye on sector-specific movements and individual stock performances in the Indian market. The European Central Bank’s recent decision to leave interest rates unchanged and the potential for a September rate cut also contribute to the global economic backdrop influencing Indian markets.